Goldman Sachs will pick up a 9.4-percent stake in Max India for 5.4 billion rupees ($116 million), the Economic Times and Business Standard newspapers reported on Sunday, citing the outcome of a board meeting held on Saturday.
Max India will issue compulsory convertible debentures that will be converted to shares after 15 months. The proceeds will be used to fund the company's existing insurance and healthcare businesses, the newspapers said.
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