The stock was purchased from a Max India shareholder, Cresta Fund, as per block deal information with the bourses.
Max India shares were acquired at an average price of Rs 198.65 apiece, amounting to Rs 51.65 crore.
At the end of the quarter ended December 31, Dynavest held 1.36 crore shares of Max representing 5.13 pecent stake in the entity. Cresta Fund Ltd held 28.24 lakh shares, about 1.06 per cent stake.
Max Life Insurance, Max Healthcare, Max Bupa Health Insurance are part of the Max India group.
The Max India scrip closed 5.38 percent at Rs 210.55 on the BSE.