Get All Access for $5/mo

Max Healthcare Raises $165 Mn Through QIP MHC proposes to utilize the net proceeds for meeting the capital expenditure and working capital requirements, including expansion of capacity, and increasing stake in existing/future subsidiaries

By Prabhjeet Bhatla

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.


Private hospital chain operator Max Healthcare Institute Ltd (MHC) announced the successful completion of its qualified institutional placement (QIP) which saw participation from highly reputable global and domestic investors and has raised $165 million.

MHC has accordingly issued 6,14,12,482 fresh equity shares of the face value of INR 10 per equity share at a price of INR 195.40 per equity share.

Post the QIP, the issued and subscribed equity share capital of MHC stands at 96,59,45,006 equity shares.

The QIP opened on March 4, 2021, and closed on March 9, 2021. The Issue saw keen interest from global and domestic investors including international and domestic mutual funds, insurance companies, and other investors. The overall allocation to foreign institutional investors is approximately 43.6 per cent, with a balance 56.4 per cent to domestic mutual funds and other domestic investors.

MHC proposes to utilize the net proceeds for meeting the capital expenditure and working capital requirements, including expansion of capacity, increasing stake in existing/future subsidiaries.

The establishment may also use part of the proceeds for repayment of debt and for general corporate requirements or any other purposes as maybe permissible. Pursuant to this Issue, the public shareholding of MHC stands at 29.54 per cent. However, this includes 4.82 per cent, which is not currently considered for compliance towards minimum public shareholding threshold under SEBI regulations for listed companies.

"We would like to thank investors for their overwhelming response towards our QIP. With this, we have fortified our balance sheet to tap growth opportunities and also strengthened our investor base with blue-chip domestic mutual funds and global long only funds. We are delighted with the response to the QIP, which is also a testimony to the robustness of our business model. MHC will continue to provide high-end medical care for our patients by investing in cutting-edge clinical technologies, infrastructure, clinical and management talent," shared Abhay Soi, chairman, and managing director, Max Healthcare.

Kotak Mahindra Capital Company Ltd., Citigroup Global Markets India Pvt. Ltd, Credit Suisse Securities (India) Pvt. Ltd., and HSBC Securities and Capital Markets (India) Pvt. Ltd. acted as book-running lead managers. The legal counsel to MHC was AZB & Partners. The legal counsel to the book running lead managers was Linklaters Singapore Pte. Ltd. and Shardul Amarchand Mangaldas & Co. Deloitte Haskins & Sells are the statutory auditors of MHC.

Prabhjeet Bhatla

Former Staff


Trendy or Timeless — Which Is Best to Grow Your Business?

Everyone wants a viral moment, but it's only temporary. Memorable brands harness ephemeral trends to resonate beyond the moment.

Business News

Amazon Is Thinking About Charging Extra for AI Alexa

"Hey Alexa, how much are you going to cost?"

Business News

SoftBank CEO Says AI 10x Smarter Than Humans Could Be Here in a Matter of Years

SoftBank CEO Masayoshi Son spoke to shareholders during the company's general meeting on Friday.


This Car Dash Display Is Only $90 Through June 26

Compatible with Apple CarPlay and Android Auto, this display is designed to make your commute safer.

News and Trends

PhonePe in Talks With Major Smartphone Makers for Mobiles to Come With Pre-installed Indus Appstore

PhonePe is in talks with smartphone brands to have their Indus Appstore pre-installed in the mobiles.

News and Trends

Vishwa Samudra Group Targets Revenue Of $1.8 Billion By 2027

The company is focusing on expanding their operations overseas, with particular interest in entering the African and South American continents.