Max Financial Services today said it is not considering fund raising plans as its subsidiary Max Life has decided not to pursue any "acquisition opportunity". Max Financial was also supposed to raise funds to help its life insurer arm to acquire new assets.
Earlier in April, Max Financial Services had announced that its board of directors approved various fund raising proposals to pursue acquisition opportunity by its subsidiary Max Life Insurance Company (Max Life).
"In this regard, we would like to inform you that as Max Life has decided not to pursue the current acquisition opportunity, the company (Max Financial) is no longer considering any of the fund raising opportunity referred in the previous disclosure," Max Financial said in a regulatory filing.
Earlier in mid-2017, the proposed merger of Max Life and Max Financial Services with HDFC Standard Life Insurance was shelved due to regulatory hurdles.