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Max Financial Services Ltd (MFSL) on Friday said that it would raise Rs 5,000 crore through a preferential issue or a qualified institutional placement, in accordance with SEBI guidelines.
The proceeds will be invested in MFSL subsidiary Max Life Insurance to enable the latter to actively pursue growth opportunities through acquisitions in the life insurance space.
MFSL also announced that Max Life Insurance's Assets Under Management (AUM) crossed Rs 50,000 crore milestone for the first time, making it the fifth largest fund manager among private life insurers in India.
The business's AUM as at December 31, 2017 stood at Rs 50,333 crore, growing 23 percent on a Year-on-Year basis.
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