Max Healthcare Institute Ltd. announced on Wednesday that it had raised Rs 1,200 crores through a stock offering. The capital was raised through qualified institutional placement by the country’s second-largest private hospital chain.
The QIP was launched on March 4, 2021, and it will close on March 9, 2021. The healthcare giant said in a statement that it has issued 6,14,12,482 new equity shares with a face value of Rs 10 each at a price of Rs 195.40 per share.
The company’s issued and subscribed equity share capital after the QIP is 96,59,45,006 equity shares, according to the company. Max Healthcare intends to use the net proceeds to meet capital expenditure and working capital needs, including capacity expansion and growing stakes in existing/future subsidiaries, according to the company.
It also specified that the company may use a portion of the proceeds to repay debt and for general corporate purposes, as well as any other purposes that may be permissible.
“We would like to express our gratitude to investors for their enthusiastic response to our QIP. We’ve strengthened our balance sheet to take advantage of growth opportunities, as well as our investor base, with blue-chip domestic mutual funds and global long-only funds “, said Abhay Soi, Chairman and Managing Director of Max Healthcare.
“Max Healthcare will continue to deliver high-quality medical services to patients by investing in cutting-edge advanced technology, facilities, and clinical and management talent”, he added. According to this question, Max Healthcare has a public shareholding of 29.54 %.
This does not, however, include 4.82 %, which is not actually taken into account for meeting the minimum public shareholding requirement set by legislation for publicly traded firms.
