Max India intimated NSE today, saying, "Members of the Exchange are hereby informed that the trading in Equity Shares of Max India Limited shall be suspended w.e.f. June 12, 2020 (i.e. closing hours of trading on June 11, 2020) on account of Scheme of Amalgamation and Arrangement with Advaita Allied Health Services Limited and with Max Healthcare Institute Limited."
Last week, the company bagged NCLT approval on their unique composite scheme involving demerger of the current business and listing of new Max India along with Max Healthcare.
Max India's composite scheme has been declared effective starting June 01, 2020.
Here's how Max India's composition scheme looks like:
Before the merger transaction involving Radiant and Max Healthcare, Max India demerged its non-healthcare businesses including Antara and Max Skill First into ‘Advaita’, which will eventually be listed separately on both BSE and National Stock Exchange.
Shareholders of Max India will receive one share of Rs10 each of Advaita for every five shares of Rs2 each that they hold in Max India.
Following the demerger and the spin-off, Radiant’s healthcare assets merged in Max Healthcare with the simultaneous merger of the residual Max India in Max Healthcare.
As a result of this merger, shareholders of Max India will receive 99 equity shares of the Merged Entity of Rs10 each for every 100 equity shares of Rs2 each that they hold in Max India.
Post-merger, Max India stood dissolved without being wound up and subsequently, the equity shares of the Merged Entity and the new Max India (‘Advaita’) will get listed on BSE and NSE.