Max Ventures Investment Holdings, the promoter of financial services firm Max Financial Services, sold 58.85 lakh shares in the company for Rs 400 crore in an open market trade on Wednesday.

Max Ventures Investment Holdings sold 58.85 lakh shares, or 1.7%, of Max Financial Services, according to block trade data provided by the National Stock Exchange (NSE).

The shares were sold at an average price of Rs 679.2 each, bringing the deal’s total value to Rs 399.7 crore.

Following the stake sale, the promoter’s stake was reduced from 14.72% to 13.02%. Shares of Max Financial Services closed 1.67% at Rs 688 per share on the NSE.