Max Healthcare emerges as the second-largest healthcare chain by revenue in India.
Max India shall stand dissolved effective without being wound up and subsequently the equity shares of the MHIL will get listed on both Bombay Stock Exchange Limited (BSE) and National Stock Exchange of India Limited (NSE) in due course after completing procedures according to the related regulations. The record date for allotting equity shares of Max Healthcare to Max India shareholders as per the approved share exchange ratio has been set as June 15, 2020. This is a significant step in the Scheme entailing demerger of Radiant’s healthcare business into MHIL, which will result in Mr. Abhay Soi and Kohlberg Kravis Roberts & Co. L.P (KKR) acquiring a significant majority stake in Max Healthcare and ultimately listing of the combined entity at BSE and NSE.
MHIL will emerge as the second largest hospital network across India in terms of revenues and one of the top three hospital chains in the country in terms of bed capacity. MHIL will operate over 3,500 beds 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 Hospital-Saket, Max Smart Hospital-Saket, Max Hospital – Patparganj, Max-Hospital-Shalimar Bagh, Nanavati Hospital, etc. MHIL will further build on its strong presence in the metros through brownfield expansion of bed capacity, enhancing the depth and width of its medical programs and enhancing its leadership position in these high-end markets.
Radiant, promoted and founded by Mr. Abhay Soi and backed by KKR, had acquired a 49.7% stake in Max Healthcare in June 2019 for a consideration of around INR 2,136 crore. Over the last few quarters, MHIL has implemented various initiatives to grow revenues and rationalise costs, resulting in a healthy financial and operational performance built on the pillars of medical and service excellence.