Warburg ups stake in Max Health to 23%

Warburg Pincus has increased its stake in Max Healthcare to 23% with an investment of Rs 115 crore.

The equity investor has picked up Max Healthcare's 28.75 million equity shares of Rs 10 each at an issue price of Rs 40 per share.

"The latest fund infusion from Warburg Pincus is a part of the Rs 600 crore heathcare project of which we have now fully tied up the funding requirements," joint MD of Max India B Anantharaman said.

The company is targeting a revenue of Rs 147 crore this fiscal and expects to break-even in the next 18-24 months, Anantharaman said.

Warburg pincus had invested Rs 25 crore in January for a 13.8% stake in Max Heathcare.

With this the total investment of Warburg Pincus in Max Healthcare now stands at Rs 140 crore.

After the infusion, Max India holds 70% in Max Healthcare, Warburg Pincus has 23% and the remaining 7% is held by two foreign investors.

Warburg Pincus has completed its balance investment of Rs 119 crore in Max India taking its total investment to Rs 200 crore representing 28.7% stake.

Warburg Pincus has so far invested Rs 340 crore in the Max Group over the last six months.