New Delhi, 9 November 2012: The Board of Directors of Max India Ltd, one of India’s leading multi-business corporates, today announced a Special Interim Dividend of 500% for its shareholders for the financial year 2012-13, which translates to Rs. 10 per share and outgo of Rs. 297 crore1
Sustained increase in profitability, inflow from the maiden dividend declared by Max Life (70% owned by Max India) coupled with Rs. 802 crore received by Max India from the recent transaction involving acquisition of 26% stake in its life insurance subsidiary Max Life insurance by Mitsui Sumitomo, has significantly boosted the treasury corpus of the Company.
The record date for the dividend has been set at 23 November, 2012.
Announcing the Special Interim Dividend, Mr. Analjit Singh, Chairman, Max India Ltd. said, “Max India has successfully led the transition of its businesses from incubation to performance and growth. Our shareholders have stayed patiently with us through this period, and it is only fair that we reward them in the form of this dividend.”
2012 has been a year of transformation for the Rs 8600 crore Max India Group, achieving profitability on a consolidated basis consistently for the last 8 quarters. The consolidated profit before tax for H1FY2013 is Rs 918 crore. The company’s businesses of life insurance, health insurance and healthcare enjoy strong positions in their respective categories and are continuing to grow at a healthy pace.
In his message to shareholders, Mr. Rahul Khosla, Managing Director, Max India Ltd. said, “The healthy balance sheet of the Company gives us the flexibility to reward shareholders, while also exploring opportunities for both organic and inorganic growth. Max India is well set for sustained growth with existing businesses that have strong fundamentals and new businesses showing encouraging promise and progress.”
Max India has complemented excellent operational performance with a focus on enhancing capital efficiency, capturing enterprise synergies and seeding future growth through expansion in the business portfolio. This year, Mitsui Sumitomo Insurance, of MS&AD Group, Japan acquired 26% stake in Max India’s life insurance business, Max Life Insurance Company. Additionally, in Jan 2012, Life Healthcare, a leading healthcare operator in Africa, acquired 26% stake in Max India’s healthcare business, Max Healthcare for Rs 516 crore. Max India is in the process of selling its packaging business, Max Speciality Films to German multinational, Treofan. These three transactions, will collectively yield over Rs. 2000 cr. for the Max India Group.
Max India Group is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company is headquartered in New Delhi, India. Max India is in the ‘Business of Life’ with its vision is to be one of India’s most admired corporates for Service Excellence. It ‘Protects Life’ through its Life Insurance subsidiary Max Life, a joint venture between Max India and Mitsui Sumitomo; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a joint venture between Max India and Life Healthcare, South Africa; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; ‘Rejuvenates Life’ through its Senior Living business Antara, a fully owned subsidiary of Max India and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. The Group also continues its interest in manufacture of Speciality Products for the packaging industry through its strategic business unit Max Speciality Films.
The flagship company Max India Limited is a widely held public listed entity, with the owner sponsors, led by Analjit Singh holding over 39% stake. Its other shareholders include some of world’s best Institutional Investors such as, Goldman Sachs, International Finance Corporation, Washington (IFC) and Temasek Holdings.
For more details contact:
Head – Communications
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428+91 9873347428
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 145
Cell # +91 9873154228+91 9873154228