In June, Max India informed the exchanges that the National Company Law Tribunal (NCLT) had approved the composite scheme of merger and demerger which involved a merger of the healthcare assets of Max India into Max Healthcare and demerger of the residual businesses of Max India into Advaita, a wholly-owned subsidiary of Max India.
As per the scheme, All Max India shareholders as on the record date of June 15 were to get shares of Max Healthcare and Advaita Allied Health Services.
"This marks significant progress for the comprehensive scheme that involves a series of transactions including demerger of Radiant's healthcare assets into Max Healthcare. This will result in KKR backed Radiant Healthcare acquiring a majority stake in Max Healthcare and the listing of the combined Max Healthcare and the new 'Max India'," the company had said.
According to the company's investor presentation, Radiant Life acquired a 49.7 per cent stake in Max Healthcare by buying out South Africa’s Life Healthcare in June 2019. Abhay Soi and KKR will be the promoters of MHIL, while current Max promoters will be reclassified as public shareholders.
Max Healthcare logged growth of 12 per cent in FY20 gross revenue despite Covid-19 impact, the investor presentation said, while EBITDA improved by 65 per cent in FY20. "On a normalized basis, EBITDA would have been Rs 625 crore (76 per cent YoY growth)... Besides, FY20 EBITDA margin grew from 9.9 per cent to 14.6 per cent. On a normalized basis, margin and FY20 EBITDA/bed grew from Rs 15 lacs to Rs 25 lacs," it said.
 "As per the scheme, All Max India shareholders as on the record date of June 15 were to get shares of Max Healthcare and Advaita Allied Health Services.")