Max Ventures and Industries (MaxVIL) which is a part of the Max Group, has announced a Rs 147.9 crore fund raising plan that includes sale of 22.51 percent stake to a subsidiary of New York Life Insurance Company for Rs 121 crore.

The company, as a part of the plan, will also be raising Rs 26.9 crore through issuing warrants to the promoter group equivalent to 4.76 percent of the post-issue share capital of the company on a fully diluted basis.

MaxVIL has said that the board of directors of the company has approved to issue 15,523,870 shares of the company on preferential basis to New York Life International Holdings Ltd at an issue price of Rs 78 per share.

It further said that “Subject to MaxVIL shareholder approval, a subsidiary of New York Life Insurance Company will acquire a 22.51 percent equity stake in MaxVIL at an offer price of Rs 78 per share aggregating to Rs 121 crore on a diluted basis and will be entitled to one nominee director to the Board of MaxVIL.”

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