Max India Limited, a listed entity of Max Group, today announced that the shareholders of the company, in NCLT convened meeting, approved the scheme involving merger of assets of Max India into Max healthcare and demerger of residual businesses of Max India into Advaita, another unit of Max India.
“This is a significant progress for the comprehensive scheme that involves a series of transaction including demerger of Radiant’s healthcare assets into Max Healthcare which will result in KKR backed Radiant acquiring a majority stake in Max Healthcare and listing of the combined Max Healthcare and new ‘Max India’ respectively,” it said in a statement.
According to Max healthcare 99.21% of the public shareholders voted in favour of the proposed scheme. Subsequently, the second motion petition is likely to be filed with NCLT soon. Max Healthcare and Advaita (to be renamed as Max India) are both expected to be listed on the Indian stock exchanges by March end, 2020.
Last year in December, Radiant Life Care Pvt. Ltd, backed by private equity firm KKR and Co., agreed to acquire control of Max Healthcare Institute Ltd in a complex transaction that would make the combined entity India’s third-largest hospital chain by revenue. The merged entity will operate more than 3,200 beds through 16 hospitals across India and will also be the fourth-largest by capacity.
Source: Economic Times