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Max Healthcare aims at increasing stake in subsidiaries via raising funds through QIP

Max Healthcare Institute has raised Rs. 1200 crore through Qualified Institutional Placement (QIP). This is with an aim to meet capital expenditure and working capital requirements.

The Institute has a network of 12 hospitals and 4 medical facilities in North and West India. It has plans for expansion of capacity and increasing stake in existing and future subsidiaries.

The QIP closed on March 9, 2021. The company issued 6, 14, 12,482 fresh equity shares of face value Rs 10 per share at a price of Rs 195.40 per share.

The issued and subscribed equity share capital together stands at 96,59,45,006 equity shares. Shares of Max Healthcare gained 0.77 percent to close at Rs 201.60 on BSE (Bombay Stock Exchange) on March 10, 2021.

SEBI regulations for listed companies towards minimum public shareholdings include 29.54 percent of Max Health Care public holdings under which 4.82 percent stand towards noncompliance.

Abhay Soni, Chairman and Managing Director of Max Healthcare said “growth opportunities are being tapped by strengthening investor base with blue chip domestic mutual funds and global long only funds”.

The former plans to use a part of the proceeds for repayment of debt.

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