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Max group to relist Max India on stock exchanges on August 28

Max India, which got delisted in June, had recently announced plans to invest Rs 300 crore over the next four years to develop a housing project for senior living in Noida, Uttar Pradesh, as well as in its new assisted-care services business.

August 27, 2020 / 12:53 PM IST
 
 
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Business conglomerate Max group will relist its arm Max India on bourses for shares trading on Friday, enabling shareholders to unlock value from the growth in emerging senior-care and retirement homes sector.

Max India, which got delisted in June, had recently announced plans to invest Rs 300 crore over the next four years to develop a housing project for senior living in Noida, Uttar Pradesh, as well as in its new assisted-care services business.

"Max India (till recently known as Advaita Allied Health Services) will list and start trading on the NSE as well as the BSE on August 28. The listing will unlock value for shareholders of erstwhile Max India allowing them with pure play access to the sunrise and high-potential senior care sector," a company statement said.

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.

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The relisting of new Max India follows Max Healthcare's listing last week.

The new Max India is the holding company of Max Group's senior care business 'Antara' and a skilling company, 'Max Skill First'.

Max India also has Rs 400 crore treasury corpus besides a rent potential commercial asset in Delhi-NCR on its balance sheet.

“It plans to utilise the corpus for investing in Antara's value creation journey and is also evaluating options such as capital reduction subject to the approval of its board," the statement said.

Antara operates across two lines of businesses – residences for seniors and assisted care services. Its first project in Dehradun, Uttarakhand, with nearly 200 apartments is already operational.

This year, it launched a new senior living project in Noida comprising 340 apartments in the first phase.

Antara's assisted care services include 'Care Homes' and 'Care at Home' that cater to seniors over the age of 55, who need more immersive interventions in their daily lives due to medical or age-related issues.

The first facility of Care Homes was launched last month in Gurugram.

"Antara plans to set up a chain of over 35 Care Homes with more than 1,200 beds over the next five years," the statement said.

Max India operates a skilling company, Max SkillFirst that helps professionals in the sales and services domain.

Max group founder and Chairman Analjit Singh said, “Max India is embarking on a new journey... There is a tremendous opportunity to benefit from the senior care growth mega trend in India. This category will be USD 10-12 billion market across various value pools."

According to Tara Singh Vachani, Executive Chairman, Antara: "17 per cent of the elderly are living alone with a drastic fall in the ratio of caregivers to the elderly, which shows a dire need to address the situation.

“With Antara 2.0, we have evolved further and created an integrated platform for seniors, which will cater to their comprehensive needs," Vachani said.

Max group is into healthcare, insurance, hospitality, real estate and senior living/care businesses. The group recorded consolidated revenues of about Rs 19,800 crore in FY2020.
PTI
first published: Aug 27, 2020 12:49 pm

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