MaxVIL makes offer to sell 22.5% stake

The Board of Max Ventures and Industries (MaxVIL) has made a preferential offer, subject to shareholder approval, to issue common stock to a subsidiary of New York Life Insurance Company.

Subject to MaxVIL shareholder approval, a subsidiary of New York Life Insurance Company will acquire a 22.51% equity stake in MaxVIL at an offer price of Rs 78 per share aggregating to Rs 121 crore on a diluted basis and will be entitled to one nominee director to the Board of MaxVIL. New York Life is the largest mutual life insurance company in the US and one of the largest life insurers in the world, with more than $500 billion under management. Analjit Singh, Chairman of MaxVIL, said, “Max has a long standing relationship with New York Life.”