Max India to buy back shares of up to ₹92 crore under capital reduction programme

Highlights :

Max India to buy back shares of up to ₹92 crore under capital reduction programme
The company plans to offer to its public shareholders the option of taking ₹85 per share
Max India got relisted on the bourses on August 28

Max India on Tuesday said it's borad has approved a capital reduction programme under which the company will buy back equity shares worth up to ₹92 crore from public shareholders.

The company plans to offer to its public shareholders the option of taking ₹85 per share for upto 20 percent of their shareholding in lieu of cancelling these shares.

Max India, which got relisted on the bourses on August 28, has a treasury corpus of of over ₹400 crore primarily from disinvestment proceeds of its erstwhile subsidiary Max Bupa.

The approval process is expected to take about 6-8 months.

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