Max Ventures to allot 1.55 cr shares to New York Life

Max group firm Max Ventures and Industries (MAXVIL) will allot over 1.55 crore shares on a preferential basis to America's largest life insurance firm New York Life International Holdings Ltd.
The decision was taken as per special business of the company's Extraordinary General Meeting held yesterday.
Thus, at share close price of Rs 69.30, the estimated deal stands at around Rs 107.58 crore.
In a regulatory filing, MAXVIL said it transacted and passed the special business "to issue 1,55,23,870 equity shares on a preferential basis to New York Life International Holdings Ltd."
Besides, over 34 lakh warrants would be issued on a preferential basis to Siva Enterprises Pvt Ltd.

As a special business, the company will "issue 34,48,894 warrants on a preferential basis to Siva Enterprises Pvt Ltd being a company forming part of the promoter group of the company," MAXVIL said further.
In a separate filing, MAXVIL said, shareholders of company at the EGM also approved to increase authorised capital of the company from existing Rs 60 crore to Rs 110 crore.
Stock of Max Ventures were trading 0.65 per cent down at Rs 68.85 apiece on BSE.