Max India Limited will list and start trading on the National Stock Exchange (NSE) as well as the Bombay Stock Exchange (BSE) on August 28, 2020, the company said in a media release today.
The listing, as per the company, will unlock value for shareholders of erstwhile Max India, allowing them with pure play access to the sunrise and high-potential senior-care sector.
Max India, earlier known as Advaita Allied Health Services Limited, is a part of the $3 billio Max Group.
Advaita was formed as a result of the merger of the healthcare assets of the erstwhile Max India into Max Healthcare and demerger of the senior-care and other businesses of Max India into Advaita on June 1, 2020.
Each shareholder has received one share of new Max India with a face value of Rs 10 for every 5 shares of erstwhile Max India, which had a face value of Rs 2 each.
The new ‘Max India’ is the holding company of Max Group’s senior-care business ‘Antara’ and a skilling company, ‘Max Skill First’.
The relisting of new ‘Max India’ tomorrow, follows Max Healthcare’s listing last week. The listings are the outcome of a comprehensive scheme announced last year that involved a series of transactions including the demerger of KKR backed Radiant Lifecare’s assets into Max Healthcare, which resulted in listing of merged Max Healthcare, the media release said.
Speaking on the occasion, Analjit Singh, Founder and Chairman, Max Group and Max India said, “There is a tremendous opportunity to benefit from the senior care growth mega trend in India. This category will be $10-12 billion market across various value pools. Seniors have started to become a large cohort in India and is expected to comprise 10 percent of total population in India by 2025. There is a large unmet need in this target segment, which still struggles for optimal healthcare and wellness services, and therefore a huge headroom for expansion.”
Mohit Talwar, Vice Chairman, Max Group and Managing Director, Max India said, “The listing of the new Max India will lead to a more specific value discovery for our businesses in the senior care space. The Max Group has provided a cumulative annual value creation of 24% since its inception three decades ago. We hope to continue the value accretion journey in Max India through an asset light growth, thereby benefiting our shareholders and other stakeholders.”