Shareholders of Max India approve merger scheme composed in meeting convened by NCLT
New Delhi, November 5 () Max India said Tuesday that its shareholders approved the merger of their health care assets in Max Healthcare and the merger of other residual businesses in Advaita, a wholly owned subsidiary of Max India, at a meeting convened by NCLT.
The company said 99.21 percent of public shareholders voted in favor of the proposed composite scheme.
This is significant progress for the comprehensive scheme that involves a series of transactions that include the merger of Radiant's healthcare assets into Max Healthcare, which will result in Radiant, backed by KKR, acquiring a majority stake in Max Healthcare. and a list of the combined services of Max Healthcare and new 'Max India' respectively, he added.
As the next immediate step towards the conclusion of the transaction, the second motion for approval of the scheme is expected to be submitted to NCLT during the current month, Max India said in a statement.
Max Healthcare and Advaita (which will be renamed Max India) are expected to be listed on the stock exchanges by March next year, he added.
The combination of Radiant and Max Healthcare will create the largest hospital network in northern India, which will be among the three main hospital networks in the country by income and the fourth largest in terms of operating beds.
The merged entity will operate more than 3,200 beds in 16 hospitals across India, including tertiary and quaternary care facilities that offer high-end critical care and super specialties backed by strong local brands such as BLK Hospital, Max Saket, Max Smart Hospital, Max Patparganj and Nanavati Hospital. The merged entity will continue to use the current Max Healthcare brand, with the appropriate adjustments to its logo, the company said. MSS ANU ANU