Max India today announced a preferential issue of equity shares in the Company to ChrysCapital. The issue approved by the Board today represents a 10.71% stake in the fully diluted equity base of the Company. The proposed investment, totaling Rs. 49.82 crore, is for 27,67,699 equity shares of Rs. 10 each at an issue price of Rs. 180 per share.
Mr. B. Anantharaman, Group Finance Director said, “This marks the second phase of the group’s restructuring exercise. The Company has substantially retired debt and infused over Rs. 380 crore in its Life Insurance and Healthcare businesses, which have demonstrated strong performance.” Mr. Anantharaman added, “The proceeds of the preferential issue would further strengthen the balance sheet of the Company. Max India, with a current paid up capital of Rs. 23 crore, has free reserves in excess of Rs. 425 crore.” The Company reported profit before tax of Rs. 29 crore for the 3rd quarter ended December 31, 2003.
Mr. Analjit Singh, Chairman of the Max Group, said, “The proposed investment by ChrysCapital demonstrates the strong business fundamentals of the Company as it builds the country’s top quartile private Life Insurance business through Max New York Life Insurance Company and an integrated Healthcare delivery business in the National Capital Region through Max Healthcare, to be a dominant Healthcare player in the North.”
Max New York Life Insurance Company, a joint venture between New York Life, a Fortune 100 company, and Max India brings innovative life insurance solutions based on New York Life’s global experience of over 158 years and Max India’s deep understanding of the Indian market. In recognition of Max New York Life’s high standards of service, it has become the first life insurance company in India to be awarded ISO 9001: 2000 certification. As of January 2004, Max New York Life Insurance Company has sold close to 200,000 policies, is having Rs. 10,000 crore as in-force sum assured and has a pan India presence through 26 sales offices in 21 cities.
Max Healthcare is all set to become the first truly integrated healthcare delivery system in India, offering within one model, all 3 levels of care – Primary, Secondary and Tertiary. The Company plans to complete this multi-facility model in National Capital Region of Delhi, with a targeted investment of Rs. 420 crore substantially within 2004-05.
As part of the first phase of its restructuring exercise, Max India had exited its Pharmaceutical and Medical Transcription businesses recently. The Company continues to hold a 10% stake in Hutchison Max Telecom, operating cellular telephony services in the Mumbai circle.
ChrysCapital is a private equity firm with approximately $ 200 million under management across two funds. It invests in a number of growth-oriented industries including Financial Services, Specialized BPO, IT Services, Pharmaceuticals & Health Care and Business Services. ChrysCapital’s investors include prestigious institutional investors like Harvard Management, IBM, HSBC, Government of Kuwait, Microsoft, Stanford University and Government of Singapore, individual investors who are founders of many premier technology firms in the US, CEOs of multinational firms, and partners of top-tier global private equity firms.
For more details contact:
Head – Communications
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428
+91 9873347428
E-mail: nthakur@maxindia.com
Communications Specialist
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 145
Cell # +91 9873154228+91 9873154228
E-mail: rgossain@maxindia.com
0120-4696000
info@maxindia.com
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