The company added that it remains committed to fair and transparent communication and will continue to follow due disclosure processes for future investor and analyst engagement.
Earlier on March 12, Company, part of the Max Group, had said the board has approved raising up to ₹2,000 crore through a qualified institutional placement (QIP) or other permitted modes, and will seek shareholder approval for the proposal through a postal ballot.The company said the proposed capital raise will primarily be used to meet the funding requirements of its material subsidiary, Axis Max Life Insurance Ltd, to support its business growth and expansion plans. The remaining proceeds will be used for general corporate purposes.
Shares of Max Financial Services Ltd ended lower on May 8, Friday, with the stock settling at ₹1,695 on the NSE, down ₹12.40 or 0.73% from the previous close.
Also Read: Stocks to Watch for May 11: Hyundai Motor India, Swiggy, Urban Co, Bank of Baroda, Bank of India and more
