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Max Financial Services is currently trading at Rs. 684.00, up by 18.95 points or 2.85% from its previous closing of Rs. 665.05 on the BSE.

The scrip opened at Rs. 680.05 and has touched a high and low of Rs. 702.45 and Rs. 680.05 respectively. So far 49412 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1081.00 on 11-Jan-2022 and a 52 week low of Rs. 627.80 on 23-Nov-2022.

Last one week high and low of the scrip stood at Rs. 702.45 and Rs. 627.80 respectively. The current market cap of the company is Rs. 23776.68 crore.

The promoters holding in the company stood at 14.72%, while Institutions and Non-Institutions held 77.47% and 7.80% respectively.

Max Financial Services (MFSL) has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to purchase the balance 5.17% stake held by Mitsui Sumitomo Company (MSI) in Max Life Insurance Company (Max Life). The transaction is expected to be concluded in the next fortnight. This transaction entails purchase of 9.91 crore shares of Max Life at Rs 85 per share by MFSL, the parent company of Max Life, as per the Put/Call option approved by the MFSL Board on March 03, 2020 and subsequently by its shareholders on May 27,  2020.

Earlier, MFSL held a 72.52% stake in Max Life and MSI had 25.48% stake. In December 2020, MFSL swapped 20.57% of the paid-up equity share capital in Max Life held by MSI to MFSL in exchange for 21.87% of issued and paid-up share capital of MFSL (Share Swap Transaction). In March 2021, MSI acquired 0.26% stake from Axis Bank, as a result MSI’s stake in Max Life increased to 5.17%. Subsequently, MFSL was awaiting this approval from IRDAI for the transfer of balance stake of 5.17% held by MSI. Post completion of MSI balance stake buyout of 5.17% MFSL shareholding in Max Life will increase to 87%.

Max Financial Services is a part of the Max group, an Indian multi business corporation.