Saturday, September 18, 2021

Max Healthcare raises Rs1200 cr through Qualified Institutions Placement – Express Healthcare

Read Article

Max Healthcare Institute (MHC) has announced the successful completion of its Qualified Institutions Placement (QIP).

MHC raised Rs 1,200 Cr through its QIP, which saw participation from highly reputable global and domestic investors. MHC has accordingly issued 6,14,12,482 fresh equity shares of face value of Rs 10 per equity share at a price of Rs 195.40 per equity share.

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

The QIP opened on March 4, 2021 and closed on March 9, 2021. The Issue saw keen interest from global and domestic investors including international and domestic mutual funds, insurance companies and other investors. The overall allocation to foreign institutional investors is approximately 43.6 per cent with balance 56.4 per cent to domestic mutual funds and other domestic investors.

MHC 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, etc. MHC may also use part of the proceeds for repayment of debt and for general corporate requirements or any other purposes as maybe permissible.

Pursuant to this Issue, the public shareholding of MHC stands at 29.54 per cent. However, this includes 4.82 per cent, which is not currently considered for compliance towards minimum public shareholding threshold under SEBI regulations for listed companies.

Abhay Soi, Chairman and Managing Director, Max Healthcare, said, “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. We are delighted with the response to the QIP, which is also a testimony to the robustness of our business model. MHC will continue to provide high-end medical care for our patients by investing in cutting-edge clinical technologies, infrastructure, clinical and management talent.”

Kotak Mahindra Capital Company, Citigroup Global Markets India, Credit Suisse Securities (India) and HSBC Securities and Capital Markets (India) acted as book running lead managers.

The legal counsel to MHC was AZB & Partners. The legal counsel to the book running lead managers was Linklaters Singapore (as to United States Federal Securities Law) and Shardul Amarchand Mangaldas & Co. (as to Indian Law). Deloitte Haskins & Sells are the statutory auditors of MHC.

Source link

Latest Articles

Personal Selling

INTRODUCTION Early sellers and traders were not held in high esteem. The Roman word for salesman meant ‘Cheater’ and...

Building Muscle on a Vegan Diet

There are a lot of  misconceptions surrounding veganism. The notion that those who practice it are lacking in protein and therefore muscles is the...

Electrodes in brain new hope for severe cases of epilepsy

Neurosurgeons at All India Institute of Medical Sciences have devised a new technique for operating on children suffering from a severe form of epilepsy...

Understand Key Account Management

INTRODUCTION: Key Account Management is the essential showcasing approach that gives a successful, useful, and rather basic technique for...

Need to create vigilance and awareness on zoonotic diseases: India’s Health Minister

The COVID-19 pandemic has highlighted the need of creating vigilance and awareness on zoonotic diseases, informed Union Health Minister Mansukh Mandaviya while virtually inaugurating...