Max India to buy Warburg Pincus stake in Max Healthcare Institute
17 June 2011
According to Max India, it would buy private equity firm Warburg Pincus group's entire 16.37-per cent stake in Max Healthcare Institute Ltd for Rs140 crore.
In a meeting today, the company's board, approved the proposed acquisition of 4.76 crore shares of Rs10 each of Max Healthcare Institute.
The shares constitute the entire shareholding of 16.37 per cent held by entities forming part of Warburg Pincus group, the company said in a filing to the Bombay Stock Exchange (BSE).
The company added it would buy the shares at an acquisition price of Rs29.40 per share for a consideration of Rs140 crore.
The acquisition is expected to be completed by 15 December, 2011 after obtaining all regulatory approvals it said.
"With this acquisition, the company's equity shareholding in Max Healthcare Institute would stand increased to 91.84 per cent," the company said.
Max India Ltd has a presence across several verticals, including insurance, healthcare, contract research and speciality films.