Promoters of Max India (MIL) said on Monday they have decided not to convert 19.3 million warrants into shares for an amount of approximately Rs 300 crore because the current price was low. The company is promoted by Analjit Singh and the promoters will have to forfeit the upfront amount paid as subscription amount of Rs 75 crore under the Sebi guidelines. A promoter group entity had applied for convertible warrants in June 2017. At the time, the price of the stock was Rs 154.50 and the promoters said they would convert the warrants at a price of Rs 154.76. The Max India stock has been a big under-performer having lost 48.5% since June 2017. It has lost 36% between January and now, and ended Monday\u2019s session 0.94% down at Rs 79.40. Mohair Investment and Trading had paid 25% of the warrant subscription amount as per regulation 77 of the Sebi Regulations 2009. The balance amount \u2014 at the rate of `154.76 per warrant \u2014 was supposed to be paid before December 19, 2018. \u201cConsidering that the current share price of the company is quoting substantially below the conversion price, the promoters group has decided not to opt for the conversion,\u201d the company told the BSE. MIL has been in talks with private equity (PE) firms to sell its 51% stake in the standalone health insurance business Max Bupa Health Insurance Company. The Delhi-based Max group has a presence in the healthcare and insurance sectors. While its healthcare business reported a loss of Rs 7 crore in Q2FY19 versus a profit of `2 crore in Q2FY18, the insurance arm\u2019s loss expanded to `23 crore during the September quarter against a `6-crore loss a year ago.