January 9, 2017 / 12:20 PM / 6 months ago

BRIEF-Max Ventures & Industries to sell 22.5 pct stake to unit of New York Life Insurance Co

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Jan 9 (Reuters) - Max Ventures and Industries Ltd

* Max Ventures & Industries to sell 22.5% stake to a subsidiary of New York Life Insurance Company

* Share warrants will be issued at INR 78 per warrant aggregating to INR 269 million

* Subject to Maxvil shareholder approval, unit of New York Life Insurance Co will buy 22.51% equity stake in Maxvil at INR 78 / share

* Board of Maxvil proposed allotment of share warrants to promoter group equivalent to 4.76% of post-issue capital of co

* Says share warrants will be issued at INR 78 per warrant

* Unit of New York Life Insurance Co will be entitled to one nominee director to the board of Maxvil

* Unit of New York Life Insurance Company will acquire a 22.51% equity stake in Maxvil aggregating to INR 1.21 billion on a diluted basis

* Funds to be used to invest in Maxvil's focus areas including manufacturing, real estate development and education Source text: (bit.ly/2iZonQ2) Further company coverage:

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