Max Healthcare Raises Rs 1,200 Crore Through QIP
The portrait of Mahatma Gandhi is displayed on an Indian rupee note. (Photographer: Brent Lewin/Bloomberg)  

Max Healthcare Raises Rs 1,200 Crore Through QIP

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Max Healthcare Institute Ltd. on Wednesday said it has raised Rs 1,200 crore via issue of securities.

The company, which is the country's second-largest private hospital chain, has raised the capital through qualified institutional placement.

The QIP opened on March 4, 2021, and closed on March 9, 2021.

The healthcare major has accordingly issued 6,14,12,482 fresh equity shares of face value of Rs 10 each at a price of Rs 195.40 per share, it said in a statement.

Post the QIP, the issued and subscribed equity share capital of it stands at 96,59,45,006 equity shares, it added.

Max Healthcare proposes to utilise the net proceeds for meeting the capital expenditure and working capital requirements, including expansion of capacity, increasing stake in existing/future subsidiaries, it said.

The company may also use part of the proceeds for repayment of debt and for general corporate requirements or any other purposes as maybe permissible, it added.

"We would like to thank investors for their overwhelming response towards our QIP. With this, we have fortified our balance sheet to tap growth opportunities and also strengthened our investor base with blue chip domestic mutual funds and global long only funds," Max Healthcare Chairman and Managing Director Abhay Soi said.

Max Healthcare will continue to provide high-end medical care for patients by investing in cutting-edge clinical technologies, infrastructure, clinical and management talent, he added.

Pursuant to this issue, the public shareholding of Max Healthcare stands at 29.54%.

However, this includes 4.82% which is not currently considered for compliance towards minimum public shareholding threshold under regulations for listed companies.

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