GQG Partners sells hospital chain Max Healthcare shares through open market

Investment management company GQG Partners Emerging Markets Equity Fund on Thursday announced that they have sold equity shares of hospital chain Max Healthcare Institute through multiple on-market transactions.

The investment company sold 24,382,900 equity shares in multiple open market transactions between 5 July 2023 and 4 March 2024.

“The transactions have resulted in an aggregate change of shareholding in excess of two per cent of the total shareholding or voting rights in the company,” GQG Partners said in a regulatory filing on the Bombay Stock Exchange (BSE).

The firm added that on 4 March, the shareholding of the acquirer and persons acting in concert (PACs) in the target company (Max Healthcare Institute) changed by 2.51 per cent.

Last year, GQG Partners had acquired shares of hospital chain Max Healthcare Institute in a bulk deal for Rs 415 crore through an open market transaction.

With the recent disposal of equity shares, GQG Partners and its PACs are left with 26,106,437 equity shares, which amounts to around 2.69 per cent of the company’s shareholding.

On Thursday, Max Healthcare Institute’s stocks were down by 1.1 per cent, ending the day's trade at Rs 749.70 apiece on the BSE.