The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for ICICI Prudential Mutual Fund
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On the reaction day the stock moved 2.3 pts less than Nifty Midcap 150 and 1.3 pts less than its Insurance peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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ICICI Prudential Mutual Fund has disclosed a net sale of 71,69,992 equity shares of Max Financial Services Ltd in the secondary market between March 28, 2025 and July 15, 2025, including 3,80,662 shares sold on July 15, 2025 alone. As a result, the fund's holding dropped from 2,03,51,566 shares (5.90% of paid-up capital) to 1,31,81,574 shares (3.82%), a reduction of over 2%. The fund clarified this is a pure investment decision with no intent to seek control, and the sale was executed through the open market.
A meaningful reduction in holdings by a major institutional investor (from 5.90% to 3.82%) could be viewed negatively by retail investors in the short term, as it signals the fund trimming its position. However, since the sale was spread over roughly 3.5 months, the market impact may already be priced in.