Max Healthcare Institute Ltd. shares debuted at the exchanges on Friday at Rs 106.45 apiece. The stock hit 5% upper circuit at Rs 112.35 on the BSE in less than an hour of its stock markets debut.
The listing follows demerger of Max India into Advaita Allied Health Services Ltd and healthcare business of Radiant Life Care Private Ltd into Max Healthcare. In June, Max India Ltd completed spinning off its hospital operations under Max Healthcare and the subsequent merger of Radiant Life Care Pvt Ltd with it. The process followed the National Company Law Tribunal’s (NCLT) approval for the composite merger scheme.
“After allotment of equity shares, Advaita Allied Health Services Ltd and Max Healthcare Institute Ltd would also complete necessary formalities and undertake steps to have said equity shares listed on stock exchanges where existing shares of the company are Listed,” Max India Ltd had said in an exchange statement on 1 June.
Accordingly, shareholders of Max India as on 15 June were issued and allotted 1 equity share, of a face value of Rs 10 each, fully paid up of the Advaita Allied Health Services Limited for every five equity shares, of a face value of Rs 2 each, fully paid up held by them in Max India. Meanwhile, 99 equity shares, of a face value of Rs 10 each of Max Healthcare Institute Limited, for every 100 equity Shares, of a face value of Rs 2 each, held by them in Max India.
In June 2019, Radiant had acquired a 49.7% stake in Max Healthcare for a consideration of around Rs 2,136 crore. After the merger, Radiant will be majority stake in Max Healthcare. Radiant is promoted and founded by Abhay Soi and backed by global investment firm KKR.