Max Group Sells Stake in Financial and Healthcare Businesses
Promoters of Analjit Singh led Max Group plan to raise ?2,300 crore by selling their stakes in the group’s healthcare and financial services companies. They have already sold prime land at London’s Mayfair for ?800 crore. With the stake sales, the promoters aim to pay off all their debt, which stood at ?3,400 crore in December 2019. They are also trying to sell some more overseas real estate and hospitality assets. The promoters are looking to sell 10-15% of their 28.31% stake in Max Financial Services Ltd for around ?1,500 crore. Singh is also planning to sell his residual stake in Max Healthcare. The stake sale will be a secondary market deal. It is likely to be done through a block or bulk deal on the stock exchange. Potential buyers are being shortlisted. Axis Capital has been hired as the banker for the deal.
Tags : ALLIED