Warburg Pincus to sell Max Healthcare stake to Max India
Max India, an insurer and hospital operator, plans to buy a 16.37% stake in its subsidiary Max Healthcare from Warburg Pincus, Economic Times reported.
In the statement filed with the Bombay Stock Exchange, Max India has offered to pay INR140 crore ($31 million) and the acquisition is likely to conclude by December 15 this year. Should the transaction go through, Max India would own 91.84% of Max Healthcare, which operates eight hospitals in New Delhi.
Analjit Singh, chairman of Max India, said in the filing that the opportunity to consolidate the company's shareholding comes at a time when Max Healthcare has just turned profitable and is all set to double its bed strength. According to Singh, Max Healthcare plans to go public in 2012 or 2013.
Max India's board has already approved the acquisition, but the deal is still subject to regulatory approval. Earlier this month, it was reported that Max India would sell a 9.4% stake in itself to Goldman Sachs for $115 million.
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