Max India shelves rights issue plan;to raise Rs 450 cr via QIB

Diversified business house Max India today said it has overturned its decision of raising Rs 650 crore through the issue of shares on rights basis, but it plans to take the qualified institutional placement route to mop up Rs 450 crore.     

"The board has rescinded its earlier decision taken on February 3, for issuance of equity shares up to an amount of Rs 650 crore, on rights basis with detachable warrants," Max India said in a filing to the Bombay Stock Exchange.     

However, the company has received the approval from its board for raising Rs 450 crore through the issue of shares or any such instruments to qualified institutional buyers (QIBs) in one or more tranches.     

The company would hold an extraordinary general meeting (EGM) of its shareholders on July 28 for seeking their approval for the raising of funds, it added.     

The company has presence in healthcare and financial services among others.     

Shares of Max India were trading at Rs 209.60, down 1.16 per cent in the late afternoon trade on the BSE.