- Record date for demerger on 28th January
- The company is being renamed as Max Financial Services
The Max Group, one of India’s leading conglomerates, announced the record date for the recently concluded demerger, as 28th Jan 2016. The shares of Max India will start trading ex-demerger from 27th Jan 2016. The existing company is in the process of being renamed as Max Financial Services. Max India demerged into three separate companies on 15th Jan 2016, to give investors specific and undiluted access to the Group’s diverse lines of businesses, provide sharper focus to each operating business and unlock shareholder value. The first listed company, Max Financial Services Limited (MFS) will focus on managing the Group’s flagship life insurance business, through its 72% shareholding in Max Life, making it the first Indian listed company exclusively focused on life insurance.
The second holding company, which retains the name Max India Limited, will manage investments in the high potential Health and Allied businesses - Max Healthcare, Max Bupa and Antara Senior Living. The demerger will provide these businesses, which are currently in their growth and development phases, closer attention to fulfil their tremendous potential.The third holding company, Max-Ventures & Industries Limited (MVIL) will manage the investment in the manufacturing subsidiary, Max Speciality Films, which is an innovation leader in the Speciality Packaging Films business. It will also 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.
The two additional resultant companies Max India and Max-Ventures & Industries Limited (MVIL) are expected to list on the stock exchanges by mid-march. Following the demerger, the Group also announced the transition of Analjit Singh to the position of Founder & Chairman Emeritus, Max Group. He will continue to the Chairman of MVIL. Rahul Khosla has been elevated to the highest executive position in the Group, as President, Max Group, as part of a planned and orderly succession process that commenced with his appointment as Managing Director, Max India, in 2011. He will be Executive President of Max Financial Services and Chairman of Max India. Mohit Talwar, Deputy Managing Director of Max India, has been elevated to the position of Managing Director, Max Financial Services (MFS); Managing Director, Max India and Vice Chairman of MVIL.
Post restructuring, the erstwhile Max India’s existing shareholders will retain one equity share of Rs 2/- in Max Financial Services Limited. They will additionally get one equity share of Rs. 2/- each of the new company Max India Limited for every one equity share held in Max Financial Services and one equity share of Rs. 10/- each of Max Ventures and Industries Limited for every 5 equity shares of Rs. 2/- each held in Max Financial Services. The company has applied for approval from the Foreign Investment Promotion Board (FIPB) to enable issuance of the aforesaid new shares.Even as all these changes will be implemented, the Group’s core values of Sevabhav, Excellence and Credibility will remain unchanged as it fulfils its commitments to its stakeholders and society.
About the Max Group
The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Healthcare & Allied businesses and packaging sectors. In FY ‘15, the Group recorded a consolidated turnover of Rs 14,877 Cr. It has a total customer base of over 7.5 million, nearly 300 offices spread across India and people strength of around 17,000 as on 31st March 2015.The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, IFC Washington, Temasek, Fidelity and New York Life.
The Max Group comprises three holding companies, namely:
Max Financial Services, the holding company for Max Life, India’s largest non-bank-owned, private life insurance company. Max Financial Services owns and actively manages a 72.1 per cent stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan- headquartered global leader in life insurance.Max India, the holding company for Max Healthcare, Max Bupa Health Insurance and Antara Senior Living, is focused on health and allied businesses.
Max Healthcare and Max Bupa Health Insurance are joint ventures with global leaders, Life Healthcare (South Africa) and Bupa Finance Plc. (UK), respectively. These businesses have well-entrenched positions in their respective categories, and are recognized for their outstanding service standards. The Company owns and actively manages a 46.4% per cent stake in Max Healthcare, a 76% stake in Max Bupa Health Insurance and a 100% stake in Antara Senior Living.Max-Ventures and Industries, the holding company for Max Speciality Films, an innovation leader in the Speciality Packaging Films business.
In addition to manufacturing, the Company also serves as the Group’s entrepreneurial arm to explore the ‘wider world of business’, especially taking cues from the economic and commercial reforms agenda of the present Government, including ‘Make in India’, ‘Skill India’, ‘Digital India’, among others.The two additional holding companies will be shortly listed on both the Bombay Stock Exchange as well as the National Stock Exchange.
Courtesy by www.businesswire.com
