Max Ventures surges 18% on stake sale plan to New York Life arm

The stock surged 18% to Rs 79.15 on the BSE in early morning trade on back of heavy volumes.

Max Ventures and Industries (MaxVIL) has surged 18% to Rs 79.15 on the BSE in early morning trade after New York Life Insurance Company, the largest mutual life insurance company in the United States picked up 22.51% stake for Rs 121 crore in the company.

“The company has it made a preferential offer to issue common stock to a subsidiary of New York Life Insurance Company, subject to shareholder approval,” MaxVIL said in a press release.

A subsidiary of New York Life Insurance Company will acquire a 22.51% equity stake in MaxVIL at an offer price of Rs