BackKKR's Moneyline Portfolio sells 37.40 lakh shares in Max Financial for ₹245 cr
Avendus Absolute Return Fund bought 16.73 lakh shares at an average price of ₹653 aggregating to ₹109 croreKKR had acquired the stake in Max Financial in February 2016 from the promoter group including Analjit Singh
PremiumMumbai: Private equity major KKR's unit Moneyline Portfolio Investments sold 37.40 lakh shares or 1.08% of the equity in Max Financial Services on Monday for ₹245 crore, according to bulk deal data on the NSE showed.
Avendus Absolute Return Fund bought 16.73 lakh shares at an average price of ₹653 aggregating to ₹109 crore. According to latest shareholding, Moneyline Portfolio held 1.34 crore shares or 3.88% stake in Max Financial.
KKR had acquired the stake in Max Financial in February 2016 from the promoter group including Analjit Singh.
Max Financial Services Ltd (MFSL), reported a 26% increase in consolidated net profit to ₹81 crore for the September quarter against a net profit of ₹64 crore in the corresponding period of the previous fiscal. Consolidated revenues rose 50% to ₹7,020 crore for the Septmber quarter over ₹4686 crore for the same quarter last year.
From the beginning of the year, Max Financial gained 20.34% against a rise of 9.53% in the benchmark index, Nifty. From the March lows, the stock more than doubled while Nifty was up 75.14%.
Shares of Max Financial ended down 0.79% at ₹643.15 on the NSE, while the benchmark index, Nifty lost 3.14% to close at 13328.40.
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