India's Max Financial Services Ltd. founding promoter Analjit Singh is in talks to sell a 10% stake in the company, and Hero Corp. is a frontrunner to scoop up the stake, The Economic Times reported.
The sale could raise up to 12 billion rupees for Max.
After the proposed sale, Singh and his family's stake in Max Financial will be about 12%. In order to remain a promoter, they need to a retain a 10% stake.
As of Aug. 20, US$1 was equivalent to 71.54 rupees.
