Max Financial Services Ltd
NSE: MFSL BSE: 500271
₹1725.50
(-0.44%)
Wed, 11 Mar 2026, 04:46 pm
Market Cap597.95B
PE Ratio418.14
Dividend0
Finance
Life/Health Insurance
24.5KCompany History
1988
- Incorporated February 24; commenced business March 21; manufactured BOPP films; promoted by Max India Ltd., Ranbaxy Laboratories Ltd., Montari Industries Ltd., PSIDC.
- Planned 2,000 tonnes BOPP film project.
- Organized business into Max Pharma, Max Electronics, Maxxon BOPP Films, Max Telecom post-amalgamation.
- Formed Max-GB Ltd. 50:50 JV with Gist-Brocades for Penicillin-based intermediates and bulk drugs.
- Planned bulk drugs facility at Nanjangud, Karnataka.
1989
- Issued 1,450,000 12% secured convertible debentures; all taken up.
- Converted Part-A into 2,900,000 equity shares.
1991
- Max India expanded into pharmaceutical formulations at Okhla, New Delhi.
- Introduced Maxmox, Cefamax, Floxip, Rejoor.
1992
- Set up Hutchison Max Telecom Pvt. Ltd. JV with Hutchison Telecom for value-added services.
- Entered JV understanding with Comsat USA for VSAT services.
1993
- Merged with Max India effective January 1; retained Max India Ltd. name.
- Allotted equity shares post-merger: 580,000 to debenture trustees, 75,000 to associate, 742,750 and 62,39,450 to shareholders, 70 to promoters; issued 45,27,430 shares.
1994
- Introduced Maxfoil for leather industry.
- Commissioned cellular, paging, VSAT networks.
- Launched Max torch cellular in Mumbai; paging in Bangalore, Hyderabad, Baroda, Ahmedabad, Pune, Ludhiana, Chandigarh.
- Planned design center for exports.
- Proposed 600,000 warrants to management at Rs 383.75 per share.
- Proposed Rs 152 cr zero coupon FCDs and NCDs with warrants on rights.
1995
- Hutchison Max Telecom commenced paging in multiple cities; cellular in Mumbai.
- Launched Max foil at Railmajra facility.
- Inaugurated JV with Hindustan Antibiotics for Penicillin G.
- JV to launch six products including Depo-Provera; agreement with Pierre Fabre.
- Paging service launched in all licensed cities.
- Commissioned VSAT master earth station; entered banking, financial sectors.
- Issued 833,720 zero coupon FCDs on rights; allotted 823,720 shares on Part A conversion.
- Issued 1,647,440 12.5% NCDs with warrants on rights.
- Allotted 1,423,720 shares on warrant conversion.
1996
- Launched Upjohn products from new sterile facility.
- Exclusive representative of Motorola Semi Conductor for south India.
- Set up group for turnkey PCB plants.
- Formed JV with Atotech BV for PCB plating chemicals.
- Commissioned films metallising plant; launched Maxmet metallised BOPP films.
2000
- Approved 1:1 bonus issue, ESOP, and increased authorised capital.
- Acquired majority interest in HealthScribe India Pvt. Ltd.
- Divided business into Healthcare, Financial Services, IT, Pharmaceuticals, Speciality Products, Telecom.
- Sold 24% stake in Max GB to DSM for Rs. 26 cr.
- Appointed Kanti Mohan Rustagi as C.S. from August 9.
- Analjit Singh appointed Chairman; split MD posts for IT and healthcare.
- Jagdish Anand resigned; Nripjit Singh Chawla appointed MD from October 3.
2001
- Max Healthcare opened two primary (Dr Max) and one secondary (Max Medcentre) centres in New Delhi.
- Max New York Life to enter bancassurance.
2002
- Became first private player interested in health insurance.
- Board approved spin-off of healthcare division to wholly owned subsidiary.
- Approved divestment of 5% in DSM-Anti Infectives India to JV partner.
- Released 'Host-Protect-Delivery-Manage' suite.
- Shareholders approved sale of healthcare division to subsidiary.
- Max Healthcare recast as Max Healthcare Institute Ltd.
- Extended clinics to schools and corporate offices.
- Board approved disinvestment of 40% in Avnet Max.
- Board approved sale of pharmaceutical division to Jubilant Organosys for Rs. 62.7 cr.
2003
- Board approved acquisition of 49% equity in Cosmat Max for US $750,000.
- Board approved investment up to Rs. 55 million in Max Healthstaff International Ltd.
- Closed Max Ateev and Alta Cast, incurring Rs. 65 cr loss.
- Shareholders approved delisting from ASE, CSE, DSE, LSE.
2004
- Surendra Kaul to leave as Whole-time Director by November 30.
- Warburg Pincus entered strategic partnership with Max India.
- Warburg Pincus partnered with Max Healthcare.
2005
- Max Telecom Ventures to divest stake in Hutchison Essar Telecom.
- Max Telecom Ventures signed MoU.
2007
- Appointed Anuroop Singh as Additional Director.
- Split face value from Rs. 10 to Rs. 2.
2008
- Signed agreement with UK firm for health insurance business.
2010
- Rolled out health insurance JV with Bupa.
2011
- Appointed Vishal Bakshi as Alternate Director to Sanjeev Mehra.
- Max India acquired Max Healthcare Institute Limited.
2012
- Investors approved promoters' stake hike.
- Appointed Professor Dipankar Gupta as Non-Executive Independent Director.
- Reports of MS&AD buying 26% in Max India-New York Life JV.
2013
- Board declared interim dividend of 90% (Rs. 1.80 per Rs. 2 share).
- Boston University conferred 'Distinguished Alumni' award to Analjit Singh.
2014
- Max Bupa won technology award at India Insurance Awards.
- Standard Chartered Bank entered bancassurance tie-up with Max Bupa.
- Max Bupa introduced comprehensive family health insurance plan.
- Board recommended final dividend of 90% (Rs. 1.80 per Rs. 2 share).
2015
- Approved splitting company into three entities.
- Punjab and Haryana High Court approved Scheme of Arrangement.
2016
- Max India Ltd. name changed to Max Financial Services Ltd.; symbol changed to MFSL.
2017
- Service Category improvement Award for Six Sigma project 'Reducing 7 day POS TAT'.
- Max Life Insurance won Best Big Data/Analytics Team of the Year Award.
- Max Life received 'Most Admired Brand' award.
- Max Life IT won 'IT Genius Award'.
2018
- Max Financial bought additional stake in insurance arm for Rs 153 cr.
- New York Life picked up 2% stake in Max Financial Services for Rs 2.15 bn.
2020
- IRDAI approved swap of Mitsui Sumitomo's Max Life stake with Max Financial Services.
- Max Financial Services settled tax dispute under Vivad Se Vishwas Scheme.
- Max Life became 70:30 joint venture between Max Financial Services and Axis Bank.
- Max Group launched initiative for one lakh Social Isolation pledges.
- Axis Bank to explore long-term strategic partnership with Max Life.
2021
- Axis Bank became co-promoter of Max Life.
2022
- Max Financial Services Limited completed acquisition of balance 5.17% stake in Max Life from MSI, Japan.
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Pocketful Fintech Capital Private Limited (CIN U65999DL2021PTC390548) | The SEBI Registration No. allotted to us is INZ000313732. NSE Member Code: 90326 | BSE Member Code: 6808 | MCX Member Code: 57120 DP | CDSL: 12099800