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Max Financial shares fall after board approves ₹2,000 crore fundraise via QIPThe proceeds will primarily be used to meet the funding requirements of its material subsidiary, Axis Max Life Insurance, to support business growth and expansion, with the remaining amount earmarked for general corporate purposes.By CNBCTV18.com March 13, 2026, 9:21:52 AM IST (Updated)1 Min ReadShares of Max Financial Services Ltd. are trading lower on Friday, March 13, after the company's board approved a fundraise of up to ₹2,000 crore.

The proceeds will primarily be used to meet the funding requirements of its material subsidiary, Axis Max Life Insurance, to support business growth and expansion, with the remaining amount earmarked for general corporate purposes.

The capital will be raised through a qualified institutional placement (QIP) or other permissible routes.

The fundraising may involve the issuance of fully paid-up equity shares with a face value of ₹2 each or other equity-linked securities, in one or more tranches, subject to necessary regulatory and statutory approvals.

Separately, the board approved an increase in the company's authorised share capital from ₹70 crore to ₹75 crore.

Following the revision, the authorised share capital will rise from 35 crore equity shares of face value ₹2 each to 37.5 crore equity shares of the same face value.

The proposal will require shareholder approval through a postal ballot, along with other regulatory clearances.

Shares of Max Financial Services settled 1.37% lower on Thursday at ₹1,701.80. The stock has gained nearly 2% so far this year.Continue ReadingFirst Published: Mar 13, 2026 6:55 AM ISTTagsMax FinancialMax Financial Services