Max India issues fresh shares post demerger

New Delhi: Max India, part of Analjit Singh founded Max Group, on Thursday said it has allotted fresh shares to existing shareholders of erstwhile Max India, post demerger.

The share allotment is an integral part of the demerger and listing process. Each new 'Max India' shareholder has been allotted one share of a face value Rs 10 for every five shares of a face value of Rs 2 held in erstwhile Max India, the company said in a statement.

In June, Max India shareholders were also allotted 99 shares of Max Healthcare of a face value of Rs 10 each for every 100 shares of face value of Rs 2 each held in erstwhile Max India, it added.

The allotment of shares of Max Healthcare and new 'Max India' is the penultimate step before the shares are relisted for trading on the two stock exchanges NSE and BSE in August 2020, Max India said.

The company's shares are not being traded on the stock exchanges currently as a part of the defined demerger process, it added.

The relisting of Max Healthcare and new 'Max India' are a part of the comprehensive scheme announced last year, that involved a series of transactions including demerger of Radiant's healthcare assets into Max Healthcare which resulted in KKR backed Radiant Healthcare acquiring a majority stake in Max Healthcare, Max India said.

“We are in the final stages of the demerger process of Max India. The relisting of new 'Max India' expected in August will offer an opportunity for investors to invest in the sunrise sector of holistic senior care in India, which is operated under the 'Antara' brand by new 'Max India' through residencies for seniors and the soon to be launched assisted care businesses," Max Group Vice-Chairman and Max India MD Mohit Talwar said.

The new 'Max India' is a holding company of two businesses Max Group's Senior Care business 'Antara' and a skilling company, 'Max Skill First', the statement said.