Max Financial Services today approved raising of Rs 5,000 crore in one or more tranches to fuel the growth of its subsidiary Max Life Insurance.
The decision was taken at the company's board of directors meeting held today.
The board considered raising of funds by way of debt for the purpose of making investments in its subsidiary Max Life Insurance Company Ltd (Max Life) to enable it to drive growth through acquisition opportunities, Max Financial Services said in a regulatory filing.
The board approved availing of borrowing in one or more tranches "for an amount aggregating up to Rs 5,000 crore", the filing said.
The fund raising is subject to approval from shareholders and other regulatory requirements.
Stock of the company closed 1.80 per cent up at Rs 433.65 on the BSE.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app