The Chairman and promoter of Max Ventures and Industries Limited (MVIL), Mr. Analjit Singh, today announced an open offer for buying up to an additional 34.60%[1] stake in Max Ventures and Industries Limited (MVIL) at Rs 31.50 per share. The company was listed on the BSE and the NSE earlier today.The promoters had initially announced their intent to buy back MVIL shares through an open offer in January 2015, and were awaiting the listing of MVIL on the stock exchanges post the demerger of Max India into three companies.
The open offer, subject to the provisions of applicable laws including the SEBI Takeover Regulations, values MVIL at approximately Rs. 168 Cr. This valuation factors in both the earning potential as well as the asset value of the company.As per statutory requirements, the public announcement for the open offer was made earlier today and has been sent to both the Stock Exchanges and MVIL’s Board of Directors.MVIL, which is one of the three new companies formed after the demerger of the erstwhile Max India Limited, manages investments in its manufacturing subsidiary, Max Speciality Films (MSF), an innovation leader in the Speciality Packaging Films business.
MVIL has also recently incorporated a wholly owned subsidiary, Max Estates Limited to undertake real estate development projects. In addition, the company aims to evaluate new ideas in the ‘wider world of business’, including but not limited to sectors such as education 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.MVIL had recently announced its intent to invest, through its wholly owned investment subsidiary, in Azure Hospitality Pvt. Ltd., which owns and operates Mamagoto, a mid-scale casual dining restaurant chain and Speedy Chow/Roll Maal, a quick service restaurant (QSR) format for Indian & Chinese street food and an Institutional Catering Service.
MVIL’s investment subsidiary will facilitate Intellectual & Financial Capital to promising and proven early-stage organizations across identified strategic growth sectors such as Hospitality, Food & Beverages, Healthcare, Technology-based Financial Services, Education and Real Estate.Explaining the rationale behind the Open Offer, Analjit Singh, Chairman, MVIL and Founder & Chairman Emeritus, Max Group, said, “Investors who only want to focus on life insurance or Health and Allied activities and don’t want to invest in manufacturing and diversified businesses will have an option to exit this investment through the open offer, if they so wish.
Max Ventures and Industries Limited has been planned as our vehicle to pursue path-breaking formats in areas which either have adjacencies to our businesses of life or where we have long-standing experience, and will therefore have a significantly wider focus than manufacturing. In that sense, MVIL closely resembles the diversified businesses model that Max followed in its early years, and imbibes a similar entrepreneurial spirit as well.”
Courtesy by www.businesswire.com
