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Max India extends rally; surges 45% in 10 trading sessions

The stock moved higher by 11 per cent to Rs 89.60, which is also its three-month high, on the back of heavy volumes on BSE.

SI Reporter  |  Mumbai 

Max Hospitals
Soi is expected to be the KKR’s key representative to oversee the running of the business with Max management

Shares of moved higher by 11 per cent to Rs 89.60 on heavy volumes on the The stock was trading at its three-month high level and has rallied 45 per cent in past 10 trading sessions. In comparison, the S&P was up 0.38 per cent during the same period.

on Monday said that Life Care Private Limited, a leading Indian hospital management company promoted by Abhay Soi and backed by global investment firm KKR, has entered into a transaction under which its shareholders will acquire a majority stake in Institute Limited (MHC), a unit of

According to a press release issued by Life Care on Monday, the acquisition will be undertaken through a series of transactions, including Radiant’s purchase of a 49.7 per cent stake in from South Africa-based hospital operator Life Healthcare in an all-cash deal, followed by the demerger of Radiant’s healthcare assets into MHC.

The shareholders of Max India will receive one share each of the new company for every five shares held.

“The dramatic changes in the external environment, especially following the Shalimar Bagh incident in November 2017, disrupted MHCs financial trajectory in the final quarter of FY18. There were various other factors, regulatory and voluntary, that had a dampening impact on MHC’s financial performance during the year,” the company said in a 2017-18 annual report.

Meanwhile, Max India, the holding company for Max Healthcare, (Health Insurance) and Antara Senior Living, is organizing a conference call on Friday, January 4, 2019 at 12 noon for investors and analysts to discuss Life Care and purchase of majority stake in through the merger.

At 12:53 pm, Max India was trading 5.5 per cent higher at Rs 84.90 on BSE, as compared to a 0.62 per cent rise in the S&P A combined 2.41 million equity shares changed hands on the counter on the BSE and so far.

First Published: Thu, December 27 2018. 12:58 IST