Promoters raise their stake in Max Ventures to 44%

New Delhi: Shares of Max Ventures & Industries Ltd (MaxVIL) jumped 7.6% on Wednesday after its promoters said they have increased their stake in the company to 44%.

Promoters led by chairman Analjit Singh said they bought an additional 3.33% stake from Goldman Sachs on 29 November at Rs50.5 a share, and another 0.27% stake from the open market between 25 and 28 November at market prices.

“We have full conviction in the underlying strength of Max Ventures & Industries as our vehicle to pursue path-breaking formats in areas which either have adjacencies to our existing businesses of life or where we have long-standing experience,” Singh said in a statement.

MaxVIL shares opened at Rs51.85 and touched a high of Rs55, before closing at Rs53.80, up 7.6% from their previous close of Rs50.

MaxVIL is one of the three new holding companies formed after the demerger of the erstwhile Max India Ltd, and was the second company to start trading after Max Financial Services. MaxVIL started trading on the National Stock Exchange and the Bombay Stock Exchanges in June.

MaxVIL also announced plans for its three new business verticals. The first, Max Estates, is a wholly-owned subsidiary of MaxVIL and will lead the real estate projects. The second is MaxVIL’s fully-owned and recently incorporated subsidiary Max I. Limited, which will facilitate intellectual & financial capital to promising and proven early-stage organizations across identified sunrise sectors. The third, Max Learning Ltd, will operate in the education space.