Billionaire Analjit Singh-led Max Financial Services Ltd is looking to raise capital for unit Max Life Insurance Company Ltd to pursue inorganic growth opportunities.
The company's board is meeting on Friday to consider a proposal for raising funds, it said in a stock-exchange disclosure. It didn't give any details.
Max Financial has been reported to be looking for merger and acquisition opportunities for its insurance unit for the past many months. It had earlier proposed to merge Max Life with HDFC Standard Life Insurance Company but scrapped the merger plan in July last year after failing to get regulatory approval.
In September last year, Max Life was reported to be in exploratory talks with diversified conglomerate Aditya Birla Group to merge their life insurance businesses. Singh was also said to be in talks with UK-based Northern Trust and global private equity firm Apax Partners to sell his 30% stake in Max Financial.
A report in The Economic Times said last month Max Life was among the bidders shortlisted to buy a significant stake in IDBI Federal Life Insurance in a deal that was likely to value the company at more than Rs 4,500 crore.
