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Home / Companies / News /  KKR's Moneyline Portfolio sells 37.40 lakh shares in Max Financial for 245 cr

Mumbai: 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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