Mumbai: Goldman Sachs will pick up a 9.4 percent stake in Max India for 5.4 billion rupees (USD 116 million), reports said on Sunday, citing the outcome of a board meeting held on Saturday.
Max India will issue compulsory convertible debentures that will be converted to shares after 15 months. The proceeds will be used to fund the company's existing insurance and healthcare businesses, the newspapers said.
Bureau Report
First Published: Sunday, December 27, 2009, 13:19