Max Ventures locked in upper circuit on debut

The stock was up 5% at Rs 47.25 on the NSE.

Max Ventures and Industries (MVIL) was locked in upper circuit of 5% at Rs 47.25 on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on first day of its listing.

The stock opened at Rs 45 and hit a low of Rs 44.80 on the BSE so far. Till 10:25 AM, a combined 4.9 million equity shares changed hands and there were pending buy orders for 859,916 shares on the BSE and NSE.

“MVIL, one of the three new holding companies formed after the demerger of the erstwhile Max India. The listing will unlock value for the shareholders of erstwhile Max India,” Max Financial Services (formerly Max India) said in a release.

MVIL provides management services to and manages the investment in its manufacturing subsidiary, Max Speciality Films (MSF), which is an innovation leader in the Speciality Packaging Films business.

Analjit Singh, Chairman, MVIL, and Owner Sponsor of the Company, has made an open offer to raise stake in the company.

“Siva Enterprises Private Limited and P V T Ventures Private Limited made an open offer to buy up to 18.47 million equity shares of MVIL constituting 34.60% of the issued, subscribed, paid up and voting share capital and 34.27% of the fully diluted voting share capital of the company at a price of Rs 31.50 per offer share aggregating to Rs 58.19 crore,” MVIL said in a statement.