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K.R. Srivats

New Delhi, June 13 Max India’s shareholders have given their nod for the company’s board to make a preferential allotment of equity shares to International Finance Corporation (IFC), private sector financing arm of the World Bank Group.

This approval came at an extraordinary general meeting of shareholders convened by the company on Friday, sources close to the development said.

Under the proposed preferential offer, 1.03 crore equity shares of Rs 2 each, representing 4.44 per cent of the total post-issue and paid-up equity capital of the company, are to be allotted to IFC at a premium of Rs 143.26 a share.

The company is likely to garner about Rs 150 crore through this route.

The investment is to be made at the level of Max India and is likely to be utilised for meeting the general funding requirements of Max India’s subsidiaries, including investment in Max Healthcare Institute Ltd for expansion of the healthcare business.

More Stories on : Preferential Allotments | Financial Institutions

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