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GIC invests Rs.601-Cr in Max Financial Services

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The Government of Singapore, via its sovereign wealth fund GIC, has purchased 60,13,487 shares in publicly listed Max Financial Services Ltd. The purchase - via a bulk deal on the NSE on June 17 - was made at an average price of INR 1,000 per share, aggregated to about INR 601.4 crore. On the same day, Max Financial's promoting entity, Max Ventures Investment Holding Ltd, sold 78,28,217 shares at the same price.

From the Venture Intelligence PE-VC Deal Database: In Feb 2016, KKR had invested INR 950 Cr in Max Financial Services via purchase from the promoter group of the target company led by Analjit Singh. Max Financial is, in turn, the promoter of Max Life Insurance Company. KKR had made a part exit in Dec-20. (Subscribers to the database can login to view more transaction details on KKR’s investment and part exit, including valuation details and return multiple.) Other investors in Max Financial include Temasek and IFC.