The Promoters of Max Ventures & Industries Limited (MaxVIL), led by Chairman Mr. Analjit Singh, today announced that they have acquired an additional 3.33% stake in MaxVIL from Goldman Sachs on 29th November at a rate of Rs. 50.5 per share, and another 0.27% stake from the open market in creeping acquisition between 25-28 November 2016 at prevailing market prices. The Promoters’ shareholding in the Company now stands at 44%.
MaxVIL was listed on the National Stock Exchange and the Bombay Stock Exchanges earlier this year in June. MaxVIL is one of the three new holding companies formed after the demerger of the erstwhile Max India Limited, and was the second company to start trading after Max Financial Services.
The Company manages the investment in its manufacturing subsidiary, Max Speciality Films (MSF), which is an innovation leader in the Speciality Packaging Films business. It also aims to evaluate new ideas in the ‘wider world of business’, including but not limited to sectors such as education, real estate and technology taking cues from the economic and commercial reforms agenda of the present Government, including ‘Make in India’, ‘Skill India’, ‘Digital India’, among others. In addition to MSF, MaxVIL has announced plans around 3 new business verticals as well. The first, Max Estates, is a wholly-owned subsidiary of MaxVIL and will lead the Company’s projects in the real estate space. The second business is MaxVIL’s fully-owned and recently incorporated subsidiary Max I. Limited, which will facilitate intellectual & financial Capital to promising and proven early-stage organizations across identified sunrise sectors. The final business vertical planned under MaxVIL will operate in the Education space and was incorporated as Max Learning Limited in August 2016.
Explaining the rationale for the stake purchase, Analjit Singh said, “We have full conviction in the underlying strength of Max Ventures & Industries as our vehicle to pursue path-breaking formats in areas which either have adjacencies to our existing businesses of life or where we have long-standing experience. These sunrise businesses offer immense potential of growing multifold in profits as well as valuation.”
Disclaimer: Certain statements in this “Press Release” may not be based on historical information or facts and may be “forward looking statements” within the meaning of applicable securities laws and regulations, including, but not limited to, those relating to general business plans & strategy, future outlook & growth prospects, competitive & regulatory environment and management's current views & assumptions which may not remain constant due to risks and uncertainties. Actual results could differ materially from those expressed or implied. The Company assumes no responsibility to publicly amend, modify or revise any statement, on the basis of any subsequent development, information or events, or otherwise. This “Press Release” does not constitute a prospectus, offering circular or offering memorandum or an offer to acquire any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of the Company’ shares.
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