Warburg Pincus stake in Max Health to 23% for Rs115 crore
Our Corporate Bureau
07 June 2005
Mumbai: Warburg Pincus has enhanced its stake in Max Healthcare to 23 per cent with a second round of investment of Rs115 crore. It acquires Max Healthcare's 28.75 million equity shares of Rs10 each at an issue price of Rs40 per share. Warburg has so far invested Rs 3.40 bn in the Max Group over the last six months.
Earlier in January, Warburg had invested Rs25 crore for a 13.8 per cent stake in the company. Its total investment in Max Healthcare now stands at Rs 140 crore. After the infusion, promoter company Max India holds 70 per cent in Max Healthcare, Warburg Pincus has 23 per cent and the remaining seven per cent is held by two foreign investors.
According to B Anantharaman , joint managing director, Max India, "The latest fund infusion from Warburg Pincus is a part of the Rs600 crore heathcare project of which we have now fully tied up the funding requirements."