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Max Ventures Investment Holdings Pvt. Ltd., the promoter of Max Financial Services Ltd., offloaded 1.7 percent stake in the financial services company through multiple large trades on Wednesday.

According to data on the exchanges, Max Ventures Investment sold 58.85 lakh shares at an average price of Rs 679.2 apiece. This translates into a transaction size of nearly Rs 400 crore.

Post the deal, Max Ventures Investment’s stake in Max Financial Services has fallen to 13.02 percent from 14.72 percent earlier.

CNBC-TV18 had reported last month that the promoter was exploring options for a possible sale of his stake in the company. The report stated that the promoter was likely to value the company at Rs 27,000 crore. A significant dilution would have triggered an open offer.

However, in response to the CNBC-TV18 newsbreak, Max Financial Services had said that Singh remains engaged and invested in the company and is looking forward to the company’s growth.

Max Financial Services, a part of the $4 billion Max Group, is the holding company for Max Life Insurance Company Ltd. The company owns and actively manages India's largest non-bank owned, private life insurance company.

Shares of Max Financial Services are trading 1 percent higher at Rs 696.