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Max Ventures rises on getting nod to further invest in Max Estates

Mumbai : Max Ventures and Industries is currently trading at Rs. 43.00, up by 0.30 points or 0.70% from its previous closing of Rs. 42.70 on the BSE. The scrip opened at Rs. 43.00 and has touched a high and low of Rs. 43.30 and Rs. 43.00 respectively. So far 424 shares were traded on the counter. The BSE group ‘B’ stock of face value Rs. 10 has touched a 52 week high of Rs. 75.75 on 23-Aug-2018 and a 52 week low of Rs. 40.25 on 14-May-2019.

Last one week high and low of the scrip stood at Rs. 47.00 and Rs. 42.25 respectively. The current market cap of the company is Rs. 634.79 crore. The promoters holding in the company stood at 47.15%, while Institutions and Non-Institutions held 31.54% and 21.32% respectively.

Max Ventures and Industries has received an approval for further investment / loan in Max Estates (MEL), a wholly owned subsidiary of the company. MEL shall utilize the aforesaid funds for acquisition of around 85.17% equity share capital of Pharmax Corporation (Pharmax), from Max India, another Max Group Company for an aggregate consideration of Rs 61.2 crore.

Consequent to the completion of the acquisition, Pharmax shall become a step down subsidiary of the company. The Board of Directors of the company at its meeting held on June 26, 2019 has considered and approved the same. Max Ventures and Industries, a part of the $3 billion Max Group, operates primarily in the areas of manufacturing and real estate.

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