Don’t miss the latest developments in business and finance.

Max to buy Warburg stake for Rs 140 cr

Image
Press Trust of India New Delhi
Last Updated : Jan 20 2013 | 10:13 PM IST

Diversified business group Max India today said it would buy private equity firm Warburg Pincus group's entire 16.37% in Max Healthcare Institute for Rs 140 crore.

The company's board, in a meeting held today, approved to acquire 47.6 million shares of Rs 10 each of Max Healthcare Institute, constituting the entire shareholding of 16.37% held by entities forming part of Warburg Pincus group, Max India said in a filing to the Bombay Stock Exchange (BSE).

The company will buy the shares at an acquisition price of Rs 29.40 per share for a consideration of Rs 140 crore, it added.

The acquisition of shares is expected to be completed by December 15, 2011 after receipt of all regulatory approvals, it said.

"With this acquisition, the company's equity shareholding in Max Healthcare Institute would stand increased to 91.84%," the company said.

Max India is engaged in various business verticals, including insurance, healthcare, contract research and speciality films.

More From This Section

On consolidated basis, Max India had revenues of about Rs 7,900 crore in the last financial year. As much as 80% of that came from the insurance business and about 10% from the healthcare.

Shares of Max India today closed at Rs 177.50 on the BSE, up 0.25% from its previous close.

Also Read

First Published: Jun 17 2011 | 5:15 PM IST

Next Story