The Max Group has set a record date of June 15, to carry the demerger of Max India, where all the shareholders of the latter will be allotted with shares of Max Healthcare and Advaita Allied Health
The composite scheme is declared effective starting 1 June 2020.
Post demerger, both Max Healthcare and the new ‘Max India’ are expected to be listed on the Indian stock exchanges in August 2020.
Analjit Singh, Founder & Chairman, Max Group, said, “The demerger will enable Max India to focus on the high potential category of Senior Care. The Max Group has had a track record of redefining sectors and in turn creating value for its shareholders."
According to Max India, such marks significant progress for the comprehensive scheme that involves a series of transactions including demerger of Radiant’s healthcare assets into Max Healthcare.
Also, the scheme 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’.
Further, the new Max India will hold two businesses of the Max Group namely Senior Care business ‘Antara’ and a skilling company, ‘Max Skill First'.
With the new combination of Radiant and Max Healthcare, the Max Group will create the second-largest hospital network in India by revenue.
Together, the merged entities will operate 3,500 beds throughout 17 hospitals and medical centres across India, including tertiary and quaternary care facilities offering high end critical and super speciality care supported by strong local brands such as BLK Hospital, Max Saket Hospital, Max Smart Hospital, Max Patparganj Hospital, and Nanavati Hospital.
The parent expects to provide significantly growth potential and compelling business synergies from the combined businesses.