Max Estates’ stock price went up 7 percent in early trading on May 2. This happened after the company signed an agreement with New York Life Insurance Company (NYL) for investment in its two subsidiary companies – Max Towers Private Limited (MTPL) and Pharmax Corporation Limited (PCL).
As of 11:00 am the shares were trading 12.27% at ₹330.20 on NSE
As per the agreement, NYL will buy 1,07,89,330 new shares issued by MTPL for around Rs 565.25 million. Additionally, NYL will acquire 2,63,76,841 existing shares of MTPL from Max Estates for around Rs 1,381.88 million. Furthermore, NYL will buy 74,48,814 new shares issued by PCL for around Rs 347.56 million. It will also acquire 3,40,64,700 existing shares of PCL from Max Estates for around Rs 1,589.46 million.