Max India to explore rewarding shareholders via Capital Reduction

Max India to explore rewarding shareholders via Capital Reduction

Max India to offer acquiring up to a maximum of 20% of its outstanding shares from public shareholders at Rs 85 per share; a premium of 37% to its last closing price of Rs. 62 per share

Company to utilize up to Rs 92 Cr. for the capital reduction exercise

Offer comes shortly after the relisting of Max India shares post demerger

15th September 2020, New Delhi

Max India Limited, a part of the USD 3 bn Max Group, today announced that it will explore a capital reduction program to reward its shareholders, as communicated during the divestment of Max Bupa by the erstwhile Max India. The company plans to offer its public (i.e., non-sponsor group) shareholders the option of taking Rs 85 per share for up to 20% of their shareholding in lieu of cancelling these shares.

 

Max India, which recently relisted on the Indian bourses on August 28, 2020 after a demerger process has a treasury corpus of over Rs 400 Cr. created primarily from divestment proceeds of its erstwhile subsidiary, Max Bupa. It intends to utilize up to Rs 92 Cr. from this corpus for the capital reduction process, while the balance of Rs 300+ Cr. will be apportioned for growth and other operational expenses. Max India’s shares closed at a price of Rs. 62 per share on September 14, 2020. The cash out through a Capital Reduction process translates to a 37% premium to this price.

 

The Board of Max India approved the capital reduction exercise earlier today. The proposal will also need to be approved by a special resolution of public shareholders. It will additionally need regulatory approvals including from stock market regulator and NCLT, Mumbai. The approvals process is expected to take about 6-8 months. Post capital reduction, Max India’s outstanding shares will decrease by up to 20%, from 5.38 Cr. to 4.3 Cr.

The Max India sponsor group has communicated its intention of not tendering its shares for capital reduction. Consequently, their shareholding is likely to increase to 51% from the current 41%. They will seek a SEBI exemption from the open offer requirement accordingly. The final quantum of capital reduction will be based on SEBI’s decision on exemption.

Max India is the holding company of Max Group’s Residences for Seniors and Senior Care business, collectively known as ‘Antara’. It also owns a skilling company, ‘Max SkillFirst’.

Speaking on the occasion, Mohit Talwar, Vice Chairman, Max Group & Managing Director, Max India said, “We had expressed our intent to reward our shareholders at the time we divested our health insurance business Max Bupa. This capital reduction process is a move towards that intent even though capital conservation has become important after the onset of COVID-19 induced economic slowdown. We will still have sufficient growth capital for growth and other expenses.”

Antara, Max India’s flagship operating business is an integrated service provider for all senior care needs. It operates across two categories – Residences for Seniors and Assisted Care Services. Antara’s flagship residential community is located in Dehradun with nearly 200 apartments. Earlier in the year 2020, it launched a new senior living facility in Noida, Sector-150. With 340 apartments in its first phase of development, it will cater to the social, recreational, educational, wellness, and health-related needs of seniors and be ready for living by 2024.

Antara’s Assisted Care Services include ‘Care Homes’ and ‘Care at Home’. They cater to seniors over the age of 55, who need more immersive interventions in their daily lives due to medical or age-related issues. With its first facility in Gurugram launched in July 2020, Antara’s Care Homes, provide long-term care to seniors who need constant medical and nursing supervision and short-term care services for recuperation. Antara plans to set up a chain of 35-40 Care Homes, including Memory Care Homes in the next 3-4 years. Its Care at Home services will provide well-equipped, medically trained professionals who can offer seniors care inside their own home’s comfort.

Max India also operates a skilling company, Max SkillFirst. It is a skilling solutions provider for professionals in the sales and services domain.

About Max Group

The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance industry and has ventured into high potential sectors of Senior Care and Real Estate. The Group recorded consolidated revenues of ~Rs. 19,800 Cr. in FY2020. It has a total customer base of ~4 million, around 400 offices spread across India and an employee strength of more than 16,000 as on 31st March 2020.

The Max Group comprises three holding companies – Max Financial Services and Max Ventures & Industries, which are listed on the Indian stock exchanges, and Max India, which was delisted on June 11, 2020 as a part of an ongoing demerger process and relisted on the BSE and NSE on August 28, 2020.

The Group’s investor base includes marquee global financial institutions such as New York Life, KKR, IFC Washington, Baron, Vanguard, Ward Ferry, Briarwood Capital, Locus Investments, Nomura, First State Investments, Blackrock, First Voyager, Eastspring, Target Asset Management, Jupiter, Habrok and Doric Capital.

About Antara:

Launched in 2013, Antara is a wholly owned subsidiary of Max India Limited. It is an integrated service provider for all senior care needs. It operates two main lines of businesses – Residence for Seniors and Assisted Care Services.

Antara’s first residential community in Dehradun consists of around 200 apartments spread across 14 acres of land. In 2020, Antara launched a new senior living facility in Noida, Sector-150. With 340 apartments in its first phase of development, it will cater to the social, recreational, educational, wellness, and health-related needs of seniors and will be ready for possession by 2024.

Antara’s Assisted Care Services include ‘Care Homes’ and ‘Care at Home’. They cater to seniors over the age of 55, who need more immersive interventions in their daily lives due to medical or age-related issues. Starting with the first facility in Gurugram, Antara’s Care Homes, provide long-term care to seniors who need constant medical and nursing supervision and short-term care services for the recuperation of seniors. Antara plans to set up a chain of 35-40 Care Homes in the next three years. Its Care at Home services will provide well-equipped, medically trained professionals who can offer seniors care inside their own home’s comfort.

 

Press contact:

Nitin Thakur
NTHAKUR@MAXINDIA.COM
+91 9873347428

Vaishali Gauba
VGAUBA@MAXINDIA.COM
+91 9873140991

Max India Limited to Relist on Indian Bourses Tomorrow; Unlocks Opportunity to Invest in High-Potential Senior Care Business

  • Flagship business Antara enters new business line – Assisted Care Services; will launch over 35 Care and Memory Care Homes with over 1200 beds
  • Antara to invest Rs 300 Cr. in Assisted Care Services and Senior Living project at Noida
  • Noida Senior Residences witnessing strong sales velocity– 30% inventory sold despite Covid-19 onset
  • Max India proposes to utilize portion of Treasury Corpus for Capital Reduction

27th August 2020, New Delhi

Max India Limited (till recently known as Advaita Allied Health Services Limited), a part of the USD 3 bn Max Group, will list and start trading on the National Stock Exchange (NSE) as well as the Bombay Stock Exchange (BSE) on 28th August 2020. The listing will unlock value for shareholders of erstwhile Max India allowing them with pure play access to the sunrise and high-potential Senior Care sector.

Advaita was formed as a result of the merger of the healthcare assets of the erstwhile Max India into Max Healthcare and demerger of the Senior Care and other businesses of Max India into Advaita on June 1, 2020. Each shareholder has received one share of new Max India with a face value of Rs 10 for every 5 shares of erstwhile Max India, which had a face value of Rs 2 each.

The new ‘Max India’ is the holding company of Max Group’s Senior Care business ‘Antara’ and a skilling company, ‘Max Skill First’. The relisting of new ‘Max India’ tomorrow, follows Max Healthcare’s listing last week. The listings are the outcome of a comprehensive scheme announced last year that involved a series of transactions including the demerger of KKR backed Radiant Lifecare’s assets into Max Healthcare, which resulted in listing of merged Max Healthcare.

Antara, Max India’s flagship operating business is an integrated service provider for all senior care needs. It operates across two lines of businesses – Residences for Seniors and Assisted Care Services. Antara’s flagship residential community is up and running in Dehradun with nearly 200 apartments. In 2020, it launched a new senior living facility in Noida, Sector-150. With 340 apartments in its first phase of development, it will cater to the health-related, wellness, social, recreational, and educational needs of seniors and will be ready for possession by 2024. Through a blend of lifecare and lifestyle services, Antara’s Senior Living business focuses on providing Care, Comfort and Companionship to seniors.

Antara’s Assisted Care Services include ‘Care Homes’ and ‘Care at Home’. They cater to seniors over the age of 55, who need more immersive interventions in their daily lives due to medical or age-related issues. With its first facility in Gurugram launched in July 2020, Antara’s Care Homes, provide long-term care to seniors who need constant medical and nursing supervision and short-term care services for the recuperation. Antara plans to set up a chain of over 35 Care Homes with more than 1200 beds over the next five years. Its Care at Home services will provide healthcare services such as Home critical care, Diagnostics, Nursing care, pharmacy, physiotherapy etc. to seniors inside their own home’s comfort.

Max India plans to invest over Rs. 300 Cr. in the next 3 to 4 years across these new Assisted Care Services business lines and its existing business line of residences for seniors.

Antara is at a vantage position to shape and capture a large share, with the senior population expected to make up 10% of total population in India by 2025. Senior Care is a sunrise industry in India with a USD 10 bn+ market across multiple value pools, but one that is highly underserved currently.

Given the backing of Max Group with its unique lineage of healthcare, insurance, hospitality and real estate, as well as the success of its flagship Dehradun community, Max India expects its business Antara to be significantly value accretive for its shareholders. Antara aims to serve the elderly population belonging to the affluent to mass affluent segment starting with Delhi-NCR and eventually in 2 additional clusters – West (Mumbai & Pune) and South (Bangalore). The size of this cohort is an estimated 4 million. Antara is working with a capital light model in both businesses to optimize shareholder returns.

Max India also has Rs 400 Cr. treasury corpus besides a rent potential commercial asset in Delhi NCR on its balance sheet. It plans to utilize the corpus for investing in Antara’s value creation journey and is also evaluating options such as capital reduction subject to the approval of its Board.

Max India also operates a skilling company, Max SkillFirst. It is a skilling solutions provider for professionals in the sales and services domain.

Speaking on the occasion, Analjit Singh, Founder and Chairman, Max Group and Max India said, “Max India is embarking on a new journey – one that offers exponential potential. There is a tremendous opportunity to benefit from the senior care growth mega trend in India. This category will be USD 10-12 Bn market across various value pools. Seniors have started to become a large cohort in India and is expected to comprise 10% of total population in India by 2025. There is a large unmet need in this target segment, which still struggles for optimal healthcare and wellness services, and therefore a huge headroom for expansion.”

Commenting on the listing of the company, Tara Singh Vachani, Executive Chairman, Antara said, “With new Max India, we have even greater promises to fulfil and stay true to our commitment as far as senior care business in India is concerned. 17% of elderly are living alone with a drastic fall in the ratio of caregivers to the elderly, which shows a dire need to address the situation. With Antara 2.0, we have evolved further and created an integrated platform for seniors, which will cater to their comprehensive needs. And as we progress, we are confident to provide standardized and quality senior care with our ‘Assisted Care Services’ in line with the Max Group’s integral value of Sevabhav”.

Mohit Talwar, Vice Chairman, Max Group and Managing Director, Max India said, “The listing of the new Max India will lead to a more specific value discovery for our businesses in the senior care space. The Max Group has provided a cumulative annual value creation of 24% since its inception three decades ago. We hope to continue the value accretion journey in Max India through an asset light growth, thereby benefiting our shareholders and other stakeholders.”

 

About Max Group

The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance industry and has ventured into high potential sectors of Senior Care and Real Estate. The Group recorded consolidated revenues of ~Rs. 19,800 Cr. in FY2020. It has a total customer base of ~4 million, around 400 offices spread across India and an employee strength of more than 16,000 as on 31st March 2020.

The Max Group comprises three holding companies – Max Financial Services and Max Ventures & Industries, which are listed on the Indian stock exchanges, and Max India, which was delisted on June 11, 2020 as a part of an ongoing demerger process and is being re-listed.

The Group’s investor base includes marquee global financial institutions such as New York Life, KKR, IFC Washington, Baron, Vanguard, Ward Ferry, Briarwood Capital, Locus Investments, Nomura, First State Investments, Blackrock, First Voyager, Eastspring, Target Asset Management, Jupiter, Habrok and Doric Capital.

 

About Antara:

Launched in 2013, Antara is a wholly owned subsidiary of Max India Limited. It is an integrated service provider for all senior care needs. It operates two main lines of businesses – Residence for Seniors and Assisted Care Services.

Antara’s first residential community in Dehradun consists of around 180 apartments spread across 14 acres of land. In 2020, Antara launched a new senior living facility in Noida, Sector-150. With 340 apartments in its first phase of development, it will cater to the social, recreational, educational, wellness, and health-related needs of seniors and will be ready for possession by 2024.

Antara’s Assisted Care Services include ‘Care Homes’ and ‘Care at Home’. They cater to seniors over the age of 55, who need more immersive interventions in their daily lives due to medical or age-related issues. Starting with the first facility in Gurugram, Antara’s Care Homes, provide long-term care to seniors who need constant medical and nursing supervision and short-term care services for the recuperation of seniors. Antara plans to set up a chain of 35-40 Care Homes in the next three years. Its Care at Home services will provide well-equipped, medically trained professionals who can offer seniors care inside their own home’s comfort.

For more information, please visit https://antaraseniorliving.com/

 

About Max SkillFirst

Max SkillFirst Limited (Max SkillFirst) is a wholly owned subsidiary of Max India. Its vision is to improve the sales and service culture in India by being the most admired learning and development organization. The company employs over 540 professionals.

 

Press contact:

Nitin Thakur
NTHAKUR@MAXINDIA.COM
+91 9873347428

Vaishali Gauba
VGAUBA@MAXINDIA.COM
+91 9873140991

Max Group company Antara commits over 300 Crore for Senior Care in India, launches chain of Care Homes and Care at Home Services

  • Antara today announced its foray into the ‘Assisted Care Services’ space with the launch of 2 new lines of business – Care Homes and Care at Home
  • Antara plans to invest over Rs. 300 Crore in the next 3-4 years across Residences for Seniors, Care Homes and Care at Home

New Delhi, 15th July 2020

Antara, a part of the $3 bln Max Group, today announced its foray into the ‘Assisted Care Services’ space with the launch of two new lines of business – ‘Care Homes’ and ‘Care at Home’. The new category launch comes against the backdrop of the Covid-19 pandemic and its direct impact on the lives of seniors. Antara plans to invest over Rs. 300 crore in the next 3 to 4 years across these new Assisted Care Services business lines and its existing business line of residences for seniors.

The current launch is a part of Antara’s strategic shift towards becoming an integrated service provider for all senior care needs. Antara’s entry into the new category will allow it to cater comprehensively to the evolving requirements and aspirations of seniors through a blend of Lifecare and Lifestyle offerings, delivering a complete and seamless experience. Antara opened its first Care Home in Gurugram today. This will be followed shortly by another Care Home launch in South Delhi.

The Care Homes and Care at Home services will cater to seniors over the age of 55, who need more immersive interventions in their daily lives due to medical or age-related issues. Antara plans to set up a chain of 35-40 such Care Homes in the next three years that will operate with an asset-light model. Of these, around 10 are expected to specialise in Memory Care.

Antara’s Care Homes will include healthcare and monitoring services with round the clock nursing support from medically trained care professionals, daily doctor consults, vital monitoring, medication administration and emergency response protocol, regular physical activity, physiotherapy, and counselling sessions.

The Care Homes will provide long-term care to seniors who need constant medical and nursing supervision. They will also help in managing other aspects of the seniors’ daily lives. The short-term care services will be geared to provide a comfortable and sanitised environment for the recuperation of seniors, who have gone through an intense medical episode or require short term assisted stay for other purposes.

The Care Homes will also have common facilities such as dining spaces, activity spaces, and lounge areas well-equipped with senior-specific details in addition to regular engagement activities. Residents will be served nutritionally assisted meals in a homely environment. They will have access to specially designed care plans for the duration of their stay under the consultation of in-house and external doctors.

Antara’s second new line of business, Care at Home services will provide well-equipped, medically trained professionals who can offer seniors the care needed inside their own home’s comfort. The initial set of services under the Care at Home business include critical care, physiotherapy, rehabilitation, nursing, GDA, and diagnostics.

Antara will also provide Med Care Products such as respiratory aids, wheelchairs, walking sticks, and other consumables to help address the diverse needs of seniors and ensure quality stay for its residents.

Commenting on the launch, Tara Singh Vachani, Executive Chairman, Antara said, “For us, Antara 2.0 is a natural progression as it incorporates our learning over the past many years, from the senior living business. Over this period we realized that to cater comprehensibly to the senior segment, we will need to graduate to an integrated platform for seniors, offering multiple service lines. 

The problems faced by seniors in the recent time, due to the sudden and prolonged lockdown helped strengthen our conviction about the immediate and pressing need for professional assisted care. Therefore, we decided to accelerate our plans to launch ‘Assisted Care Services’ which can provide standardized and quality senior care with Max Group’s integral value of Sevabhav.”

Elaborating on the evolving senior care segment, Rajit Mehta, CEO and MD, Antara said, “We believe that the lack of specialized and standardized Assisted Care Services represents a significant gap in the healthcare and wellness space for seniors. Such models have proven successful in many other countries. With Max Group’s experience in healthcare and hospitality, we are well positioned to excel in this venture. The customer needs a trustworthy provider for such service offerings and the Max brand will stand us in good stead. We realize that this business will need a certain scale to be able to maintain high service standards and to be profitable. Hence, we plan to scale up to over 40 Care Homes in the future.”

The Care at Home segment has recently witnessed entry of organized players. However, none of these have a specific focus on the needs of the senior population. We plan to fill this void through our Care at Home services.”, he added.

Globally, Assisted Care Services is an established and sought-after category, especially in markets such as Japan, Singapore, the US, and many parts of Europe. India is still at a nascent stage but the demand for Assisted Care Services is expected to pick up due to the increase in mass affluent elder population, quite a few of whom are seeking specialized services and solutions to their changing needs. The Covid-19 outbreak has accelerated the demand for dependable and professional services and solutions for seniors. The potential market size of Assisted Living Services in India is estimated at about $1 billion.

The senior population in India is growing fast with over 20 million elders who stay alone, and the number is slated to rise in the next two decades. The Indian consensus suggests the share of elders as a percentage of the total population in the country will have increased from around 7.5% in 2001 to almost 12.5% by 2026 and surpass 19.5% by 2050. Of the current 120 million senior population, 40 million have vision-related problems, 3.7 million have diabetes and 1.7 million have cardiovascular ailments.

Antara is currently present in the senior living space with residences for seniors operational in Dehradun and recently launched in Noida.

About Antara:

Launched in 2013, Antara is a wholly owned subsidiary of Max India Limited. It is an integrated service provider for all senior care needs. It operates two main lines of businesses – Residence for Seniors and Assisted Care Services.

Antara’s first residential community in Dehradun consists of around 180 apartments spread across 14 acres of land. In 2020, Antara launched a new senior living facility in Noida, Sector-150. With 340 apartments in its first phase of development, it will cater to the social, recreational, educational, wellness, and health-related needs of seniors and will be ready for possession by 2024.

Antara’s Assisted Care Services include ‘Care Homes’ and ‘Care at Home’. They will cater to seniors over the age of 55, who need more immersive interventions in their daily lives due to medical or age-related issues. Starting with the first facility in Gurugram, Antara’s Care Homes, will provide long-term care to seniors who need constant medical and nursing supervision and short-term care services for the recuperation of seniors. Antara plans to set up a chain of 35-40 Care Homes in the next three years. Its Care at Home services will provide well-equipped, medically trained professionals who can offer seniors care inside their own home’s comfort.

For more information, please visit https://antaraseniorliving.com/

For media queries, please contact:

Nitin Thakur
NTHAKUR@MAXINDIA.COM
+91 9873347428

Vaishali Gauba
VGAUBA@MAXINDIA.COM
+91 9873140991

Pankhuri Gupta
pankhuri@onpurposeconsulting.in
+91 8860080015

Max India issues fresh shares post demerger – Relisting of shares expected in August ‘20

  • Existing shareholders have now been allotted new ‘Max India’ and ‘Max Healthcare’ shares
  • All shareholders as on Record Date of 15 June 2020 allotted shares of two companies

New Delhi, 2 July 2020 – Max India Limited (till recently known as Advaita Allied Health Services Limited), a part of the USD 3 bln Max Group, announced that it had allotted shares to existing shareholders of erstwhile Max India Limited. The share allotment is an integral part of the demerger and listing process. Each new  ‘Max India’ shareholder has been allotted one share of face value Rs 10/- for every five shares of face value Rs 2/- held in erstwhile company Max India.

In June, Max India shareholders were also allotted 99 shares of Max Healthcare of face value Rs 10/- each for every 100 shares of face value Rs. 2/- each held in erstwhile Max India. The allotment of shares of Max Healthcare and new ‘Max India’ is the penultimate step before the shares are relisted for trading on the two stock exchanges NSE and BSE in August 2020. Max India shares are not being traded on the stock exchanges currently as a part of the defined demerger process.

The relisting of Max Healthcare and new ‘Max India’ are a part of the comprehensive scheme announced last year, that involved a series of transactions including demerger of Radiant’s healthcare assets into Max Healthcare which resulted in KKR backed Radiant Healthcare acquiring a majority stake in Max Healthcare.

The new ‘Max India’ is a holding company of two businesses – Max Group’s Senior Care business ‘Antara’ and a skilling company, ‘Max Skill First’. Antara has recently launched its second senior living community, situated in NCR on the Noida Expressway and is also set to launch Assisted Living businesses in Delhi NCR.

Speaking about the progress in the demerger process, Mohit Talwar, Vice Chairman, Max Group and Managing Director, Max India, said, “We are in the final stages of the demerger process of Max India. The relisting of new ‘Max India’ expected in August will offer an opportunity for investors to invest in the sunrise sector of holistic senior care in India, which is operated under the ‘Antara’ brand by new ‘Max India’ through residencies for seniors and the soon to be launched assisted care businesses.”

About Max India:

Max India Limited, a part of the leading Indian conglomerate Max Group, has a presence in the senior care industry. It is the holding company of Antara Senior Living and Max Skill First. For more details, visit maxindia.com.

For media queries, please contact:

Nitin Thakur
NTHAKUR@MAXINDIA.COM
+91 9873347428

Vaishali Gauba
VGAUBA@MAXINDIA.COM
+91 9873140991

Max India sets Record Date as 15 June after NCLT approves demerger – Will
lead to listing of Max Healthcare and a new ‘Max India’
– Effective date of demerger set for 1 June 2020
– Shareholders, as on Record Date of 15 June 2020, to be allotted shares of two companies
– Listing of Max Healthcare and new ‘Max India’ shares expected in August 2020

New Delhi, 1 June 2020 – Max India Limited, a listed entity of the USD 3 bln Max Group, announced that the National Company Law Tribunal (NCLT) has approved the composite scheme involving merger of the healthcare assets of Max India into Max Healthcare and demerger of the residual businesses of Max India into Advaita, a wholly owned subsidiary of Max India. The composite scheme has been declared effective starting 1 June, 2020. The Record Date for the demerger has been set as 15 June, 2020. All Max India shareholders as on the Record Date will be allotted shares of Max Healthcare and Advaita Allied Health Services (which will be renamed as Max India Ltd. later). Both Max Healthcare and the new ‘Max India’ are expected to be listed on the Indian stock exchanges in August 2020.

This marks significant progress for the comprehensive scheme that involves a series of transactions including demerger of Radiant’s healthcare assets into Max Healthcare. This 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’.

As announced earlier, the combination of Radiant and Max Healthcare will create the second largest hospital network in India by revenue. The merged entity will operate over 3,500 beds throughout 17 hospitals and medical centers across India, including tertiary and quaternary care facilities offering high end critical and super specialty care supported by strong local brands such as BLK Hospital, Max Saket Hospital, Max Smart Hospital, Max Patparganj Hospital, and Nanavati Hospital. The combined business is expected to provide significant growth potential and compelling business synergies.

By delivering best-in-class patient care, the combined business plans to address India’s growing demand for quality medical treatment. The merged entity will continue to use the current brand name Max Healthcare, with appropriate adjustments to its logo.

The new ‘Max India’ will be a holding company of two businesses – Max Group’s Senior Care business ‘Antara’ and a skilling company, ‘Max Skill First’. Antara has recently launched its second senior living community, situated in NCR on the Noida Expressway and is also set to launch Assisted Living businesses in NCR.

Welcoming the development, 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. We expect to do the same in this category. I also wish the Max Healthcare team the best. They have committed sponsors in Radiant-KKR and the combined healthcare assets will provide the scale needed for profitable growth.”

Speaking about the progress in the transaction, Mohit Talwar, Vice Chairman, Max Group and Managing Director, Max India, said, “We are in the final stages of the demerger of Max India. The separate listing of Max Healthcare as a result of this demerger will reflect the true intrinsic value of the asset. It will also allow us at the Max Group to focus on the growth of Antara, the senior care subsidiary of the new Max India.”

Steps involved in the Scheme:
As per the Composite Scheme, the transaction is being completed through the following steps:
i. Prior to 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.
ii. Shareholders of Max India will receive one share of INR 10/- each of Advaita for every five shares of Rs 2/- each that they hold in Max India.
iii. Following the demerger and the spin-off, Radiant’s healthcare assets merged into Max Healthcare with simultaneous merger of the residual Max India into Max Healthcare today. As a result of this merger, shareholders of Max India will receive 99 equity shares of the Merged Entity of INR 10/- each for every 100 equity shares of INR 2/- each that they hold in Max India.
iv. Post-merger, Max India stood dissolved effective today without being wound up and subsequently the equity shares of the Merged Entity and the new Max India (‘Advaita’) will get listed on both BSE and National Stock Exchange.

About Max India:
Max India Limited, a part of the leading Indian conglomerate Max Group, has a presence in the senior care industry. It is the holding company of Antara Senior Living and Max Skill First. Max India is listed on both the Bombay Stock Exchange as well as the National Stock Exchange. For more details, visit maxindia.com.

About Advaita:
Advaita Allied Health Services Limited is an unlisted public limited company incorporated on January 23, 2019 under the laws of India, having its registered office at 167, Floor 1, Plot167A, Ready Money Mansion, Dr. Annie Besant Road, Worli, Mumbai 400 018. Advaita was incorporated as a Wholly-owned Subsidiary (WOS) of Max India Limited.

For media queries, please contact:

Nitin Thakur
NTHAKUR@MAXINDIA.COM
+91 9873347428

Vaishali Gauba
VGAUBA@MAXINDIA.COM
+91 9873140991

Max Group launches initiative to gather one lakh Social Isolation pledges

  • Max Group with Max India Foundation launches online pledge campaign #StayHomeIndia
  • Max Group companies start multiple initiatives for Covid-19 relief:
    • Max Life donates sanitizers and masks for Gurugram’s police community and donates food in Mumbai and Haldwani
    • Antara Senior Living starts #SeniorCareStartsWithUs webinars and a helpline with renowned psychiatrist Dr. Samir Parikh for mental wellbeing of senior citizens
    • Max Speciality Films resumes operations with full safety measures to support food products packaging
    • Max Estates provides for daily needs of construction laborers onsite and other underprivileged in Noida
  • Max Group to donate Rs 5 crore for Covid-19 testing of underprivileged and relief efforts through NGOs

 

NEW DELHI, April 6, 2020: Max Group and its CSR arm Max India Foundation (MIF) have launched an online pledge campaign #StayHomeIndia to donate up to Rs. 5 Crore for the Covid-19 pandemic. Since social distancing is the most effective measure to deal with the pandemic, the two-pronged campaign encourages those not involved in delivery of essential services to stay home and will provide funds for testing of Covid-19 for the underprivileged section and for other relief efforts. For every online pledge taken through the campaign to stay at home during the lockdown, Max Group, through MIF, will donate Rs. 500. The pledge can be taken through this link: https://www.facebook.com/themaxgroup/videos/574139793203827/

Employees of the Max Group are also volunteering to donate to the Covid-19 efforts through MIF.

The Foundation is already providing Covid-19 relief funding to NGOs and Social Support Groups such as Feeding India, HelpAge, Jamghat, United Sikhs, Adhikar and Gurdwara Sri Guru Singh Sabha.

Max Life Insurance has distributed sanitizers and face masks to police personnel in Gurugram to ensure their safety while on duty. Additionally, it has also donated ration to underprivileged families in Haldwani through its Pehal initiative and in Mumbai by providing roughly 30,000 food packets to the KVN Foundation.

Max Group’s senior living business, Antara has taken comprehensive safety measures to protect its Dehradun community residents given seniors’ higher vulnerability to the virus. It is organising a webinar series called #SeniorCareStartsWithUs on mental health for senior citizens with renowned psychiatrist
Dr. Samir Parikh, from Fortis, every Friday starting April 3, 2020. Dr. Parikh and his team will also be available for senior counseling through a 24-hour helpline.

Max Ventures and Industries Limited’s manufacturing unit Max Speciality Films (MSF) in Punjab has restarted operations since it provides packaging material for essential services like packaged food products, personal hygiene and pharma. The operations are being carried out with the help of minimum staff and maximum safety and hygiene measures. MSF has also donated food locally to the communities in Nawasheher in Punjab – an area hard hit by the crisis.

Max Estates Limited, the real estate arm of the Group, has halted all construction activities and has taken the responsibility of providing essentials such as groceries & cooked food to laborers at its construction sites and is also providing food related aid to the underprivileged in Noida.

Analjit Singh, Founder & Chairman, Max Group, said, “We at Max Group, understand the gravity of this unprecedented situation. These are tough times, and we are taking multiple measures through our various companies to support in every possible way. Sevabhav has been an inherent organizational value since our inception, and we will stand strong with our support. We would urge every Indian citizen to join us in the pledge for social isolation and do what they can to overcome the catastrophic situation.

Tara Singh Vachani, Managing Trustee, Max India Foundation, said, “At Max India Foundation, our focus has always been to serve the underprivileged. The current crisis puts this segment of the population at a great risk, and as responsible corporate citizens we will strive to make a difference in their lives.”

Mohit Talwar, Vice Chairman, Max Group, said, “These difficult times have forced nations to take bold steps while also testing public healthcare systems. We thank all of you who are prioritizing your safety and of those around you through social distancing. As you continue do to the same, we, at the Max Group, also want to help you in contributing to the nation by way of a small but significant act.”

About Max Group

The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance and Healthcare industry. It has ventured into high potential sectors – Senior Living and Real Estate. In FY2019, the Group recorded consolidated revenue of Rs. 22,150 Cr. It has a total customer base of 11 million, over 350 offices spread across India and employee strength of more than 27,500 as on
31st March 2019. The Group’s investor base includes marquee global financial institutions such as New York Life, KKR, IFC Washington, Vanguard, Ward Ferry, Briarwood Capital, Nomura, Aberdeen, First State Investments, First Voyager, Eastspring, Target Asset Management, Baron, Jupiter and Doric Capital.

The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.

Max India Foundation:

Launched in 2008, Max India Foundation (MIF) represents the Max Group’s social responsibility efforts. It is focussed on the creation of opportunities by empowering children with an education and sustainable livelihood skills. MIF’s most recent initiative is Social Emotional Ethical (SEE) Learning – a K to 12 education program to provide high quality, easy-to-use curricula and a comprehensive framework for educators and students for their holistic development. In the past, the Foundation’s work focussed on healthcare for the underprivileged and benefitted more than 34 lakh people in over 800 locations since its inception. 

 For information please contact:

Nitin Thakur
nthakur@maxindia.com
+91 9873347428
 
Vaishali Gauba
vgauba@maxindia.com
+91 9873140991
 
 
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Max India Limited reports strong Q3FY2020 financial results; Max Healthcare’s EBITDA of

Rs. 121 Cr., grows 92%

Max India and Radiant merger with Max Healthcare progressing on track: NCLT hearing process concluded; final order awaited.

Antara Senior Living launches second community in Noida.

  

Key Financial Highlights (9MFY2020):

  • Max Healthcare Network Net revenue grows 12% to Rs.2,216 Cr.
  • Max Healthcare Network reports EBITDA growth of 103% at Rs. 320 Cr.

7th February 2020, New Delhi

Max India Limited (Max India), the holding company of Antara Senior Living Limited (Antara) and a joint venture partner in Max Healthcare Limited (MHC), today announced its financial results for the third quarter of the financial year 2019-20 (Q3FY20).

Max Healthcare reported 9MFY2020 revenues of Rs. 2,216 Cr., growing 12%, while its EBITDA saw a robust increase of 103% to Rs. 320 Cr. In Q3FY2020, MHC reported revenues of Rs. 749 Cr., showing a growth of 12% while its EBITDA for this period was Rs. 121 Cr., growing 92%. MHC saw a healthy expansion in margins to an at all-time high of ~16% making it the fifth consecutive quarter of margin expansion.

In December 2019, Max India completed the divestment of its 51% stake in Max Bupa Health Insurance to leading Private Equity firm True North. As a result of this transaction, Max India has a strong treasury corpus of over Rs. 500 Cr. for its future plans.

Max India’s wholly owned subsidiary Antara Senior Living reported total collections of Rs. 332 Cr. from its Dehradun facility and has sold 123 units till date.

Antara launched its second community in Noida on January 15, 2020 with an emphasis on an urban lifestyle for seniors. Located just off the Noida Expressway, as a part of an upcoming Golfing Community in Sector 150, the first phase of Antara Noida is spread across approximately 4 acres with over 300 apartments. The community offers Senior-specific design features, focuses on holistic wellbeing, has primary healthcare services with emergency response teams, and boasts of a world class expansive club as well. It will promote and facilitate an active and engaging lifestyle with curated resident engagement programmes.

The second community is an integral part of Antara’s strategic shift towards creating an integrated eco-system to address life care and lifestyle needs of seniors. Antara is evaluating various asset light models to launch other senior care formats.

Commenting on the financial performance and developments in Q3FY2020, Mr. Mohit Talwar, Vice Chairman, Max Group & Managing Director, Max India Limited, said, “This financial year has truly been one of performance revival for Max India, with Max Healthcare showing robust growth in its revenue and EBITDA.

I am also happy to announce that our 100% subsidiary Antara Senior Living has expanded its horizons to become a broad-based senior living player, catering to all needs of the 55 and above population segment. With the Noida launch, it will offer the perfect blend of lifecare and urban lifestyle. We now remain committed to utilizing the proceeds from Max Bupa’s divestment to reward shareholders and to support Antara in its upcoming endeavors.”

About Max Group

The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance and Healthcare industry. It has ventured into high potential sectors – Senior Living and Real Estate. In FY2019, the Group recorded consolidated revenue of Rs. 22,150 Cr. It has a total customer base of 11 million, over 350 offices spread across India and employee strength of more than 27,500 as on 31st March 2019. The Group’s investor base includes marquee global financial institutions such as New York Life, KKR, IFC Washington, Vanguard, Ward Ferry, Briarwood Capital, Nomura, Aberdeen, First State Investments, First Voyager, Eastspring, Target Asset Management, Baron, Jupiter and Doric Capital.

The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.

About Max India

Max India, a part of the leading Indian conglomerate Max Group, has a presence in the senior living and healthcare industry. It is the holding company of Antara Senior Living and a joint venture partner with a 49.7% stake in Max Healthcare along with Radiant Life Care Private Limited (Radiant). Max India’s businesses have well-entrenched positions in their respective categories and are recognized for their outstanding service standards. Max India is listed on both the Bombay Stock Exchange as well as the National Stock Exchange. For more details, visit www.maxindia.com.

 

About Antara Senior Living Limited

Launched in 2013, Antara Senior Living is a 100% subsidiary of Max India. It is pioneering the concept of ‘Age in Place’ for people over 55 years of age, by developing Senior Living communities in India. The first Antara community was launched in April 2017 in Dehradun, Uttarakhand with 190 apartments spread over 14 acres of land. In January 2020, Antara launched its second community in Noida, Sector 150.

For information please contact:

Nitin Thakur
NTHAKUR@MAXINDIA.COM
+91 9873347428

Vaishali Gauba
VGAUBA@MAXINDIA.COM
+91 9873140991