Max India To Sell 13% Stake In Max Healthcare Company To JV Partner
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Max India has decided to divest 13.3% stake in Apart from buying shares from the promoter company, LHC will also invest up to Rs 397 crore directly in Max Healthcare to increase its stake to 46.3% from 26%.
Following the transaction, both JV partners will have equal representation on the MHC Board. However, the brand name of the company will remain Max Healthcare.
The deal has been clinched at an enterprise value of Rs 3,650 crore and equity value of Rs 2884 crore. Max Healthcare's revenue grew at 22% during FY2013-14 to Rs 1,407 crore.
Commenting on the transaction, LHC CEO Andre Meyer said, "India is a very important market for us.'' He said both Max and LHC were "very keen" on growing their partnership and the stake equalisation is an important step in that direction. Max Healthcare operates 12 hospitals in North India.
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