Shares of Max Ventures and Industries (MaxVIL) surged over 10 per cent today after the company announced its Rs 147.9 crore fund raising plan.
The stock soared 10.37 per cent to end at Rs 74. Intra-day, it advanced by 18 per cent to Rs 79.15.
At NSE, shares of the company zoomed 9.91 per cent to close at Rs 74.25.
In terms of volume, 21.34 lakh shares of the company were traded on BSE and over 88 lakh shares changed hands at NSE during the day.
Max Ventures and Industries (MaxVIL), part of Analjit Singh-led Max Group, yesterday announced a Rs 147.9 crore fund raising plan, which includes sale of 22.51 per cent stake to a subsidiary of New York Life Insurance Company for Rs 121 crore.
As part of the plan, the company will also raise Rs 26.9 crore by issuing warrants to the promoter group equivalent to 4.76 per cent of the post-issue share capital of the company on a fully diluted basis.
The board of directors of the firm has approved issuance of 15,523,870 shares of the company on preferential basis to New York Life International Holdings Ltd at a issue price of Rs 78 per share, MaxVIL said.
MaxVIL is the newest entity in the Max Group of companies that came into existence after the erstwhile Max India Group was demerged into Max Financial Services Ltd, Max India Ltd and Max Ventures and Industries Ltd (MaxVIL).
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