Insurer and hospital operator Max India on Monday said its board has allotted shares

RELATED ARTICLES Max India Q4 net loss narrows at Rs 1.39 cr Goldman Sachs to lease 1.6m sq ft office in Bangalore

to a unit of Goldman Sachs, sending its shares up by as much as 10%.

The Goldman Sachs unit picked up 9.1% stake in Max India for about Rs 522 crore ($116 million) following conversion of debentures, Mohit Talwar, director, corporate development, told Reuters over the telephone.

The board allotted about 24 million equity shares of Rs 2 each at a premium of Rs 214.75 per equity share on conversion of compulsorily convertible debentures to Xenok Ltd, a unit of GS Capital Partners VI Fund, Max said.

"The investment by Goldman Sachs fund shows its long-term commitment," Talwar said.

At 2.07 pm, shares in Max India, valued at $866 million, were trading up 8.1% at Rs 180.15 in a flat Mumbai market.