Max India gets FIPB nod for issuance of shares to foreign cos

Max India, formerly Taurus Ventures, today said it has got approval of the Foreign Investment Promotion Board (FIPB) for issuance of shares of the demerged entity to foreign shareholders.
FIPB on May 9 permitted the issuance of shares to the foreign shareholders of Max Financial Services in the ratio of 1:1, Max Financial Services said in a regulatory filing on stock exchanges.
The record date for issuance of shares is January 28, 2106, in terms of the sanctioned Scheme of Arrangement, it said.
Max India is in the process of convening board meeting for the allotment of shares to all its shareholders.

Max India demerged into three separate companies -- Max Financial Services, Max India and Max Ventures and Industries -- on January 15. The idea is to give undiluted access to the Group's diverse lines of businesses, provide sharper focus to each operating business and unlock shareholder value.
Max Financial Services is the holding company of Max Life Insurance.

Besides, the filing said, the other demerged entity Max Ventures and Industries (MVIL) and Max Estates will jointly develop a residential project in Dehradrun.
The project envisages a contribution of up to Rs 15 crore by MVIL, it said.
The company also proposes to acquire 11.2 per cent stake in Azure Hospitality through a wholly-owned subsidiary of MVIL for a consideration not exceeding Rs 33.50 crore.