Warburg Pincus partners with Max Healthcare
Max Healthcare Institute Limited, a subsidiary of Max India Limited, today announced its decision to make a preferential allotment of shares to Madison Holding Limited and Melany Holdings Limited, registered FIIs belonging to the Warburg Pincus Group. The allotment approved by the Board represents a 13.8% stake in the equity base of the Company. The planned investment, totaling Rs. 25 crore, is for 1,88,67,925 equity shares of Rs 10/- each at an issue price of Rs. 13.25 per share. This represents a premium of 32.5% per share. With this investment, Max Healthcare joins the select group of Indian companies in which Warburg Pincus has made investments. The total investment of Warburg Pincus in India is over US$ 850 million.
Mr. Analjit Singh, Chairman, Max India said, “Max has always partnered with the best in class, such as now with Warburg Pincus who are the highest pedigree private equity investor internationally. Max believes in service excellence and financial strength and this partnership would, therefore, accelerate our growth plans in the healthcare sector to emerge as a leading healthcare provider in the National Capital Region. We welcome Warburg Pincus to the Max family.”
Mr. B. Anantharaman, Jt. Managing Director, Max India said, “The proposed investment by Warburg Pincus acknowledges the strong business fundamentals of the Max Group as it builds the country’s top quartile private life insurance business and an integrated Healthcare delivery business in the National Capital Region.” “The equity infusion by Warburg Pincus in Max Healthcare will help meet the long-term funding needs of this capital intensive business,” he added.
About Warburg Pincus
Warburg Pincus has been a leading private equity investor since 1971. The firm currently has approximately $14 billion under management, including $4 billion available for investment in a range of industries including business services, energy, financial services and technologies, healthcare and life sciences, information and communication technology, media and real estate. Warburg Pincus is an experienced partner to entrepreneurs seeking to create and build durable companies with sustainable value. The firm has an active portfolio of about 125 companies.
Warburg Pincus is the largest international private equity investor in India with investments of over US$ 800 million in the country. The firm’s key portfolio companies include Bharti Tele-Ventures, Gujarat Ambuja, Moser Baer, Nicholas Piramal, Rediff and WNS Global Services.
About Max Healthcare
Max Healthcare is the country’s first comprehensive provider of standardized, seamless, integrated and world-class healthcare services. It is committed to the highest standards of medical and service excellence, patient care, scientific knowledge and medical education. Focused on the National Capital Region (NCR) in the first phase, Max Healthcare has a primary care clinic (Dr. Max™ Clinics) located in South Delhi and three secondary care hospitals at Panchsheel Park in South Delhi, Noida and Pitampura in North Delhi. The fourth hospital, Max Balaji Hospital, at Patparganj in East Delhi, is scheduled to be commissioned in early 2005 and the fifth hospital in Gurgaon shall be launched in 2006. Max Healthcare’s flagship tertiary care Hospital at Saket is scheduled to be opened in phases, with the first wing- Max Devki Devi Heart & Vascular Institute, all set for launch.
Max Healthcare has a medical collaboration with Singapore General Hospital in areas of medical practices, research and training.
Max Healthcare has over 400 leading doctors, 280 corporate clients and a patient base in excess of 1, 70,000. By 2006, it will have over 1400 patient beds and 6 Hospitals in the NCR; emerging as a dominant player in North India.
For more details contact:
Head – Communications
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428+91 9873347428
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 145
Cell # +91 9873154228+91 9873154228