SA firm to invest Rs 794 cr in Max Healthcare

South Africa's Life Healthcare will invest up to Rs 794 crore to up stake in its JV with diversified group Max India, a move that would lead to equal shareholding among the partners in Max Healthcare.

According to the pact, Max India would divest up to 13.3 per cent of existing equity stake held in the JV (Max Healthcare) at Rs 67.50 per equity share, for an aggregate consideration of upto Rs 356 crore in favour of Life Healthcare.

Further, Max Healthcare will make fresh equity issuance to the South African partner on a preferential basis, for an aggregate consideration of up to Rs 397 crore. Currently, Max India's stake in Max Healthcare stands at 65.86 per cent, Life Healthcare holds 26 per cent while IFC holds 7.5 per cent.