Max India to seek shareholders nod to invest Rs 750 cr

New Delhi-based insurance and healthcare provider Max India today said it will conduct a postal ballot to seek its shareholders' permission to invest Rs 750 crore in Max Healthcare Institute.

The company will seek shareholders' nod to approve a special resolution in this regard by way of postal ballot, Max India said in a filing to the Bombay Stock Exchange (BSE).

Max India also proposes to pass another special resolution for amending the object clause of the company's Memorandum of Association for this purpose through a postal ballot, it said.

The company has appointed U P Mathur -- the former Secretary of the Company Law Board and a former Director of Inspection and Investigation under the Department of Company Affairs -- as the scrutiniser for conducting the postal ballot, it said.

The duly-filled postal ballots should reach the scrutiniser by January 31, it said.

Max India's chairman will announce the result of the postal ballot on February 11, it said. In his absence, any other person authorised for this purpose will announce the result.

The Singapore government's investment vehicle, Temasek Holdings, has acquired an equity stake of over 3 per cent in Max India at an average price of about Rs 160 per share through stock market purchases since early November, 2010, for a total consideration of around Rs 120 crore.

Shares of Max India closed at Rs 151.85 on the BSE today, up 1.78 per cent from the previous close.