MAX INDIA TO RAISE RP10BN TO RECAPITALISE INSURANCE BUSINESS

Max India is to raise RP10bn through a share issue to qualified institutional buyers (QIBs), most of which will be used to fund its insurance operation Max New York Life. Max India joint managing director B Anantharam said yesterday that “The QIP is proposed to meet the funding requirements of the company in line with its long-term strategic business plans to further grow and expand, both organically and inorganically, all the existing businesses, and more specifically, the life insurance business”. The injection of funds would increase Max New York Life’s equity from the current Rp7bn to about Rp15bn, with minority stakeholder New York Life International also bringing in additional funds, Mr Anantharam said.