Stocks

Max India spurts over 10% on stake buy reports

PTI Mumbai | Updated on April 12, 2012 Published on April 12, 2012

Shares of Max India rose over 10 per cent today amid reports that Japan’s MS&AD Insurance may buy 26 per cent stake in a joint venture between New York Life and Max India for about $540 million (over Rs 2,700 crore).

Following the buzz, the scrip opened on a robust note and further gained 10.22 per cent to touch an early high of Rs 207.50 on the BSE. Similarly on the NSE, the stock soared 10.27 per cent to Rs 207.60.

According to reports, Japan’s MS&AD is close to buying 26 per cent stake in a joint venture between New York Life and Max India for about $540 million.

The reports said that MS&AD Insurance Group, Japan’s largest property casualty insurer by revenue, is among the industry’s most aggressive in expanding in Asia through acquisitions, buying both life and non-life assets to secure growth beyond weak home market.

Published on April 12, 2012
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