British health insurance company Bupa will acquire an additional 23 per cent stake in Max Bupa Health Insurance from its Indian joint venture (JV) partner Max India, the latter said in a stock exchange filing.
UK’s Bupa will pay Analjit Singh-promoted Max India Rs 191 crore in an all-cash transaction.
Max India’s board has approved the divestment and new agreements will come into force after receiving requisite regulatory clearances from the Foreign Investment Promotion Board and the Insurance Regulatory and Development Authority of India (Irda).
“To further strengthen the relation with the JV partner in Max Bupa, the board of directors has decided to divest 23 per cent stake in favour of UK’s Bupa,” the company stated in a stock exchange filing.
Max India’s shares closed at Rs 555.65 per share, down Rs 22.90 or 3.96 per cent. FE