Max Estates to redevelop Pharmax Corporation's property

Max India Thursday said it has approved divestment of its entire stake of over 85 per cent in subsidiary firm Pharmax Corporation Ltd to a wholly-owned subsidiary of group firm Max Ventures and Industries Ltd for Rs 61.2 crore. The company at its meeting held on June 26, 2019 has considered and approved a proposal relating to divestment of entire equity shareholding of the company in its subsidiary Pharmax Corporation Ltd (equivalent to 85.17 per cent share) to Max Estates Ltd, Max India said in a regulatory filing. Max Estates is the wholly-owned subsidiary of Max Ventures and Industries Ltd (MVIL). The stake sale for an aggregate consideration of Rs 61.20 crore is to be executed amongst the company, Max Estates and Pharmax Corporation, it said. The stake sale transaction is expected to be completed within this financial year, Max India said.