Global private equity fund KKR has picked up 9.95% stake in the listed Max Financial Services, the newly demerged entity of the Max Group that owns an approximate 72% stake in Max Life. KKR acquired its stake from a sponsor group led by Analjit Singh, Chairman Emeritus of the Max Group, the company said in its release. KKR made its investment from its Asian Fund II through the portfolio investment route. “KKR has been a long-standing, value-added partner to Max Group across various business initiatives. The extension of our partnership couldn’t have happened at a more opportune time than now, following the listing of Max Financial Services which creates an unparalleled platform to invest in the Indian life insurance space,” said Analjit Singh. Sanjay Nayar, Member and CEO of KKR India, said, “We continue to believe in India’s growth potential, increase in financial savings and resultant life insurance industry growth.” JM Financial was the sole advisor to the transaction. Max Financial shares rose around 7% on Thursday to Rs 353 a share on Bombay Stock Exchange.
Source: Economic TimesKKR bets on Indian life insurance with 10% stake in Max Financial.
Industry: Insurance 2016-02-18
