Max Healthcare jumps after HDFC MF, SBI MF buy stake

Max Healthcare Institute rose 1.68% to Rs 360.95 after HDFC Mutual Fund and SBI Mutual Fund acquired stake in the company via bulk deals on Wednesday (29 September 2021).

As per the bulk deal data on the NSE, HDFC Mutual Fund and SBI Mutual Fund bought 57 lakh shares (0.59% equity) and 4.28 crore shares (4.44% equity), respectively, in the healthcare company at Rs 350 per share each on Wednesday (29 September 2021).

Similarly, Veritas Funds Plc on behalf of Veritas Asian Fund also picked up 52 lakh equity shares (0.54% equity) in Max Healthcare Institute at Rs 350 per share, the data showed.

Meanwhile, Kayak Investments Holding, one of the promoter entities of Max Healthcare Institute, on Wednesday sold 8.44 crore shares (8.74% equity) of the company for Rs 2,956 crore through open market transactions.

Kayak Investments, an affiliate of private equity major KKR, sold over 6.02 crore shares at an average price of Rs 350, while another 2.42 crore shares were divested at Rs 350.13.

As of 30 June 2021, Kayak Investments held a 47.24% stake in Max Healthcare Institute.

In August, Kayak Investments Holding completed an open market sale of 27,26,754 equity shares, constituting 0.28% equity of Max Healthcare Institute to comply with the minimum public shareholding threshold set by the market regulator SEBI.

Following the bulk deals, shares of Max Healthcare Institute fell 3.5% to settle at Rs 355 on Wednesday.

On a consolidated basis, Max Healthcare Institute reported a net profit of Rs 146.92 crore in Q1 FY22 as against a net loss of Rs 291.20 crore in Q1 FY21. Net sales during the quarter increased 290.30% to Rs 1,000.17 crore recorded in the same period last year.

Max Healthcare Institute is one of India's largest hospital chain operator (considering only income from healthcare services) in fiscal 2020. It has major concentration in North India consisting of a network of 16 healthcare facilities. Out of the total network, eight hospitals and four medical centres are located in Delhi and the NCR and the others are located in the cities of Mumbai, Mohali, Bathinda and Dehradun.

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