Goldman Arm Looks to Sell 3.7% in Max Financials to Raise 550 cr
Mumbai: Mauritius-based GS Mace Holdings, a subsidiary of Goldman Sachs, has proposed to sell 3.7% stake in Max Financials to raise $82 million (.`550 crore) on Tuesday. The stake sale would be done sthrough an accelerated book-building process. Currently, GS Mace Holdings owns 6.43% stake in the company.
The floor price has been fixed at .₹ 550 per share, a discount of 7.52% to the closing price of .₹ 594.75 on Monday. The sale is part of the stake monetisation plan by foreign investor, the term sheet said. Max India demerged into three separate companies last year. The three demerged entities are Max Ventures, Max Financial Services and Max India.