Max India owns and actively manages a 49.70 percent stake in Max Healthcare, a 51 percent stake in Max Bupa Health Insurance and a 100 percent stake in Antara Senior Living
Max India shares rallied nearly 6 percent intraday on June 24 after Radiant Life Care completed its acquisition of a stake in Max Healthcare.
Radiant Life Care Private Limited is the hospital management company promoted by Abhay Soi and backed by KKR.
"Radiant has completed the previously announced acquisition of a 49.7 percent stake in Max Healthcare Institute Limited from South Africa-based hospital operator Life Healthcare," the company said in its BSE filing.
Abhay Soi will now lead Max Healthcare as Chairman of its board and executive council, it added.
As part of the transaction, Max India's promoters received an advance of Rs 361 crore from KKR in exchange for a 4.99 percent stake in the merged entity. Max India's promoters used the funds for deleveraging purposes.
"Radiant-KKR are the best-suited partners to further the culture of clinical and service excellence that Max Healthcare has become known for," Analjit Singh, Founder & Chairman of Max Group said.
Radiant funded this acquisition with an investment from KKR's Asian Fund III.
Max India said the process of combining Radiant Life Care and Max Healthcare and the eventual listing of Max Healthcare is underway and is likely to be completed in six to eight months, subject to receipt of the requisite approvals.
The company owns and actively manages a 49.70 percent stake in Max Healthcare, a 51 percent stake in Max Bupa Health Insurance and a 100 percent stake in Antara Senior Living.
The stock was quoting at Rs 67.80, up Rs 3.25, or 5.03 percent on the BSE at 1244 hours IST.Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.
