Max India mops up Rs 1,000 cr via QIP route

Max India Ltd sayes it has raised Rs 1,000 crore through allotment of 4.17 crore equity shares to fund its expansion plans.

Insurance and healthcare company Max India Ltd on Monday said it has raised Rs 1,000 crore through allotment of 4.17 crore equity shares to fund its expansion plans.

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The company has allocated the shares to qualified institutional buyers at Rs 240 per share, Max India informed the Bombay Stock Exchange.

"The placement is proposed to meet the funding of the company's expansion plans in all the existing businesses and more specifically, the life insurance business," Max India Joint Managing Director B Anantharaman had said in a release earlier.

The move to raise funds through allotment of shares was approved by the company shareholders in an Extra-Ordinary General Meeting on March 23.