Max Healthcare Institute successfully concludes QIP issue of Rs 1200 cr

Max Healthcare Institute (MHC) announced the successful completion of its Qualified Institutions Placement (QIP). MHC raised Rs 1,200 crore (approx. USD 165 Mn) 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 04 March 2021 and closed on 09 March 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%, with balance 56.4% to domestic mutual funds and other domestic investors.

MHC proposes to utilize 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%. However, this includes 4.82%, which is not currently considered for compliance towards minimum public shareholding threshold under SEBI regulations for listed companies.

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