March 4, 2020 / 1:50 PM / 25 days ago

BRIEF-Mitsui Sumitomo To Acquire 21.87% Stake In India's Max Financial Services Through Share Swap

March 4 (Reuters) - Max Financial Services Ltd:

* MITSUI SUMITOMO TO ACQUIRE 21.87% STAKE IN CO THROUGH SHARE SWAP

* MITSUI SUMITOMO TO EXCHANGE 20.57% OF ITS EQUITY IN MAX LIFE INSURANCE FOR TRANSACTION AS PER AGREEMENT WITH CO

* CO GETS RIGHT TO PURCHASE MITSUI SUMITOMO’S BALANCE MAX LIFE STAKE AT 85 RUPEES/SHARE

* TRANSACTION STRUCTURE WILL INVOLVE MITSUI SUMITOMO INSURANCE SUBSCRIBING 75.5 MILLION CO’S SHARES AT PRICE OF 565.11 RUPEES/SHARE

* WILL GET 394.8 MILLION SHARES FROM MITSUI SUMITOMO INSURANCE AT PRICE OF 108.02 RUPEES/SHARE

* PURSUANT TO TRANSACTION, EQUITY STAKE HELD BY CO IN MAX LIFE WILL INCREASE TO 93.1% Source text: (bit.ly/2IhMoNl) Further company coverage:

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