Max Ventures and Industries Ltd (MVIL) on Thursday said group companies Max Estates Ltd (MEL) and New York Life Insurance Co have become 51:49 percent shareholders in NSPL --a wholly owned subsidiary of MEL.

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Earlier in February, shareholders' agreement was executed by Max Estates Ltd (MEL), a wholly owned subsidiary of MVIL with New York Life for investment in Nortern Propmart Solutions Ltd (NSPL).

"We would like to inform that the board of directors of NPSL, in their meeting held on March 18, 2020, allotted the securities to MEL and New York Life as specified in our letter dated February 12, 2020.

"Accordingly, MEL and New York Life have become 51:49 shareholders in NPSL, effective March 18, 2020," MVIL said in a regulatory filing.

Stock of MVIL traded at Rs 31.30 on BSE, down 6.15 per cent from previous close on the BSE.