Max New York hopes govt to raise FDI limit

"I am hopeful. If you had asked me this question three days back I would have said no. But, today I am very hopeful," MNYL Chairman Analjit Singh said on the sidelines of the launch of its new insurance product Max Vijay.     

If this happens, foreign partner New York Life will raise its stake in the MYNL to the maximum permissible limit, he said.     

He also indicated that in future the company could consider listing at stock exchanges once its paid up capital crosses Rs 3,600 crore mark from the present level of Rs 1,300 crore.     

"We are a listing friendly company... Till the company reaches Rs 3,600 crore, Max New York Life will probably not think of listing," Singh added.     

When asked about increasing paid-up capital of the company, he said the paid-up capital has increased by Rs 6,00 crore in the past six months and stood at Rs 1,300 crore.     

He further said if the government raises the limit, then its partner New York Life would for sure invest to the maximum permissible limit on the basis of fair market value.     

"Upon dilution of the sectoral cap, MNYL can raise up to 50 per cent or permissible sectoral limit and the valuation will be done on the fair market value. We will engage an investment banker and an actuarial company for the purpose," he added.