The stock moved higher by 13% to Rs 75.65, rallied 26% in past two trading days on the BSE on back of heavy volumes.
Max Healthcare is among the top healthcare chains in the country with around 14 hospitals
HDFC Life IPO by year-end, Max Life seeks acquisitions
A portion of proceeds will be utilised to acquire a 3.75% stake in Max Healthcare
Stock of the company closed 2.64 per cent down at Rs 147.60 on BSE
'Fair value' for Max India, as per a note by Edelweiss, is between Rs 100 and Rs 110 per share
The stock locked in lower circuit of 5% at Rs 171, after opening at Rs 180 on the National Stock Exchange.
The open offer, subject to provisions of applicable laws including Sebi takeover regulations, values MVIL at approximately Rs 168 crore
Around 26.57 million equity shares representing 10% of total equity of Max India changed hands on the BSE.