This translates to Rs 10 per share, Max India said in a statement. The record date for the dividend has been set at November 23, 2012, it added.

A sustained increase in profitability, inflow from maiden dividend declared by Max Life coupled with Rs 802 crore received by Max India from the recent transaction involving acquisition of 26 per cent stake in its life insurance subsidiary Max Life by Mitsui Sumitomo, has significantly boosted the treasury corpus, it said.

Max Life is 70 per cent owned by Max India.

Analjit Singh, Chairman, Max India said: "Max India has successfully led the transition of its businesses from incubation to performance and growth. Our shareholders have stayed patiently with us through this period, and it is only fair that we reward them in the form of this dividend."

Shares of Max India closed 0.72 per cent higher at Rs 243.35 per share on BSE.

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