Max Healthcare raises Rs 1,200 cr through QIP challenge route

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NEW DELHI: Max Healthcare Institute Ltd (MHC) on Wednesday stated it has raised Rs 1,200 crore through challenge of securities. The corporate, which is the nation’s second largest non-public hospital chain, has raised the capital via certified institutional placement (QIP).

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

The healthcare main has accordingly issued 6,14,12,482 contemporary fairness shares of face worth of Rs 10 per share at a worth of Rs 195.40 per share, MHC stated in an announcement.

Submit the QIP, the issued and subscribed fairness share capital of MHC stands at 96,59,45,006 fairness shares, it added.

MHC proposes to utilise the web proceeds for assembly the capital expenditure and dealing capital necessities, together with enlargement of capability, growing stake in current/future subsidiaries and so forth, it stated.

The corporate might also use a part of the proceeds for reimbursement of debt and for common company necessities or some other functions as perhaps permissible, it added.

“We wish to thank buyers for his or her overwhelming response in direction of our QIP. With this, we now have fortified our steadiness sheet to faucet development alternatives and likewise strengthened our investor base with blue chip home mutual funds and international lengthy solely funds,” Max Healthcare Chairman and Managing Director Abhay Soi stated.

MHC will proceed to supply high-end medical take care of sufferers by investing in cutting-edge medical applied sciences, infrastructure, medical and administration expertise, he added.

Pursuant to this challenge, the general public shareholding of MHC stands at 29.54 per cent.

Nonetheless, this consists of 4.82 per cent which isn’t at the moment thought-about for compliance in direction of minimal public shareholding threshold underneath Sebi laws for listed corporations.

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