Max Ventures: Just 573 shares received in open offer

Our Bureau Chennai | Updated on January 16, 2018 Published on October 26, 2016

Open offer form Max Group Promoter and Chairman of Max Ventures and Industries Ltd (MVIL) Analjit Singh failed to cut ice with shareholders. The acquirers had made open offer to mop up 1.847 crore shares (or 34.6 per cent stake) at ₹31.50 a share. However, only 573 shares were tendered in the open offer, a post-offer status report filed with exchanges by the company revealed.

With the completion of the open offer, the promoter holding in the company will remain 59.04 per cent. The offer, which concluded on October 13, was not conditional upon any minimum level of acceptance.

The open offer received lukewarm response, as the market price MVIL ruled well above ₹50 during the period.

MVIL, which is one of the three new companies formed after the demerger of the erstwhile Max India Ltd, manages investments in its manufacturing subsidiary, Max Speciality Films (MSF), an innovation leader in the Speciality Packaging Films business. MVIL has also recently incorporated a wholly owned subsidiary, Max Estates Ltd to undertake real estate development projects.

Through the open offer, the company had wanted to give an exit opportunity for investors who only want to focus on life insurance or health and allied activities and don’t want to invest in manufacturing and diversified businesses.

Published on October 26, 2016
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