Goldman Sachs buys 9 percent stake in Max India for Rs 522 cr

New Delhi: Shares of Max India surged nearly 10percent on Monday, after the insurer and hospital operator announced that its board has allotted 24,079,700 equity shares of Rs 2 at a premium of Rs 214.75 per share to Xenok Ltd, a wholly-owned unit of Goldman Sachs.[caption id="attachment_24694" align="alignleft" width="380" caption="The deal is valued at around Rs 522 crore. Image by Agecom Bahia/Flickr"][/caption]The Goldman Sachs unit picked up 9.1 percent stake in Max India for around Rs 522 crore ($116 million) following conversion of debentures, Mohit Talwar, director, corporate development said.The board allotted about 24 million equity shares  on conversion of compulsorily convertible debentures to Xenok Ltd, a unit of GS Capital Partners VI Fund, Max said."The investment by Goldman Sachs fund shows its long-term commitment," Talwar said.At 2.07 pm, shares in Max India, valued at $866 million, were trading up 8.1 percent at  Rs 180.15 in a flat Mumbai market.Reuters