Max India on Monday said its board will consider buying out its equal partner in healthcare business, Life Healthcare Group Holdings, from Max Healthcare only after completion of valuation of their joint venture.
In February this year, Max India had informed stock exchanges that Life Healthcare Group Holdings had initiated preliminary discussions with it to explore the possibility of acquisition of the South Africans firm's shares in Max Healthcare Institute.
"The Board of Directors of Max India will consider the concrete proposal as and when the process of valuation of the shares of Max Healthcare Institute Ltd is completed...," Max India said in a filing to BSE.
It is understood that Life Healthcare Group Holdings is currently undertaking the valuation process.
The relevant disclosure, if any shall be made with stock exchanges within the time prescribed, Max India added.
Max Healthcare is among the top healthcare chains in the country with around 14 hospitals.
Shares of Max India Ltd were today trading at Rs 85.05 per scrip in the afternoon trade on BSE, up 1.73 per cent from its previous close.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.