Max India ups stake in JV to 74%

Max India Ltd has announced that the Company has restructured its joint venture arrangements with New York Life International, LLC ("NYLI") by executing an amended and restated joint venture agreement ("Amended JVA") on July 15, 2008 amending the existing joint venture agreement dated November 03, 1999, as amended by Amendment No 1 dated April 21, 2000 and Amendment No 2 dated May 20, 2003 ("Original JVA") in respect of Max New York Life Insurance Company Ltd ("MNYL"). The Original JVA has been replaced and substituted by the Amended JVA.In terms of the Amended JVA, NYLI has the right to increase its shareholding in MNYL, if permitted by applicable laws, by upto 24% of the issued and paid up capital of MNYL ("Option"). The said Option is available to NYLI for a period of 8 years from the date of the Amended JVA and priced on a fair market value based formula less discount of 10%, as against an earlier preferential formula.The stock closed the day at Rs.170.25, up by Rs.15.15 or 9.77%. The stock hit an intraday high of Rs.173.80 and low of Rs.160.The total traded quantity was 92604 compared to 2 week average of 29113.