Max India to raise Rs 1,000 cr via QIP

New Delhi, Feb 22 (UNI) Max India today said it will raise Rs 1,000 crore by issuing equity to Qualified Institutional Buyers (QIBs).

''The QIP is proposed to meet the funding requirements of the company in line with its long term strategic business plans to further grow and expand, both organically and inorganically, all the existing businesses and more specifically, the life insurance business,'' company's Joint Managing Director B Anantharaman said.

The company has convened an EGM of the shareholders on March 23, to seek their approval of the proposed issue, a statement said.

UNI