Max India today said its shareholders have approved an investment of up to Rs 750 crore in Max Healthcare Institute, one of the diversified group's arms.
"The members (shareholders) have approved by an overwhelming majority a special resolution to acquire securities of Max Healthcare Institute by way of direct subscription, or otherwise, for an aggregate amount not exceeding Rs 750 crore, in tranches," Max India said in a filing to the Bombay Stock Exchange (BSE).
In December last year, the company's board had approved a proposal to invest Rs 750 crore in Max Healthcare Institute through securities, which could include equity shares, convertible debentures and/or redeemable preference shares.
The company, however, did not specify which option it would exercise for the proposed investment.
Shares of Max India were trading at Rs 145.05 apiece in afternoon trade on the BSE today, down 1.43% from the previous close.
Besides healthcare, Max India has a presence in sectors such as insurance, IT services and financial services.