Max Healthcare to acquire 76% stake in Pushpanjali Crosslay for Rs 287 crore

Thursday, May 28, 2015

Max Healthcare Institute Ltd (MHC) has inked agreements to acquire 76 per cent stake in NCR-based Pushpanjali Crosslay Hospital for Rs 287 crore.

"Max Healthcare Institute Ltd. has executed definitive agreements on May 28, 2015 to acquire a controlling stake of 76 per cent in NCR based Pushpanjali Crosslay Hospital (PCH) through a combination of fresh investment and acquisition of shares from existing promoters for an aggregate sum of Rs 287 crore," diversified group Max India said in a filing to BSE.

MHC is an equal joint-venture between Max India and Life Healthcare, South Africa, with both shareholders holding 46 per cent stake each in it, said the filing.

The 340-bed Pushpanjali Crosslay is located along the East Delhi-Ghaziabad-Noida corridor. It has the capacity to expand up to 540 beds and is NABH and NABL accredited. It has been operational since 2010, Max India said.

The hospital had reported revenue of Rs 143 crore at an EBIDTA margin of 14 per cent in FY 2014.

Max India stock was trading at Rs 469.05, down 2.32 per cent, on the BSE.

 

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