Max Estates Shares Gain 4% on Investment by New York Life Insurance
Following the company’s signing of a legally binding Memorandum of Understanding (MoU) with New York Life Insurance Company (NYL) for investment in two subsidiaries, MTPL and PCL, the share price of Max Estates increased by 4% in the first trading session on May 2.
Max Estate was trading at Rs 307.30 at 9:39 a.m. on the BSE, up Rs 13.45, or 4.58 percent.
For a total estimated value of Rs 565.25 million, NYL will subscribe for 1,07,89,330 equity shares that Max Towers Private Limited (MTPL) will issue; additionally, for a total estimated value of Rs 1,381.88 million, the business will purchase 2,63,76,841 equity shares from MTPL.
Additionally, NYL will pay an approximate total of Rs 347.56 million to subscribe for 74,48,814 equity shares that Pharmax Corporation Limited (PCL) would issue, and it will pay an approximate total of Rs 1,589.46 million to purchase 3,40,64,700 equity shares of PCL from the firm.
