Please refer our earlier disclosure letter dated December 3, 2019, informing about receipt of requisite approval from Insurance Regulatory and Development Authority of India (IRDAI) for the divestment of entire shareholding of the Company held in its material subsidiary viz. Max Bupa Health Insurance Company Limited (equivalent to 51% of Max Bupa's total issued and paid-up equity share capital) to Fettle Tone LLP (an affiliate of True North Fund VI LLP). In this regard, we would like to inform you that post fulfillment of all conditions precedents, the Company has transferred its entire equity shareholding held in Max Bupa to Fettle Tone LLP on December 16, 2019. Further, Max India's nominated directors on the Board of Max Bupa have resigned effective December 16, 2019. Consequently, Max Bupa Health Insurance Company Limited ceased to be a subsidiary of the Company effective December 16, 2019.