Max Healthcare Institute Ltd: Bourses approve re-classification of Analjit Singh, family as public shareholders

Max Healthcare Institute Ltd (MHIL) on Monday said that stock exchanges NSE and BSE have approved re-classification of Analjit Singh, his family and a group firm, as public shareholders.

Singh, his family and group company Max Ventures Investment Holdings Pvt Ltd were the promoters of erstwhile Max Healthcare, which was acquired by KKR-backed hospital management firm Radiant Life Care in 2018. As part of the deal, Max Healthcare promoters led by Singh had stepped down.

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MHIL is the entity formed by the merger of the healthcare assets of Max Healthcare, Max India Ltd and Radiant.

Stock exchanges -- National Stock Exchange of India Ltd and BSE Ltd -- have approved re-classification of Analjit Singh, his family and group company, Max Ventures Investment Holdings Pvt Ltd from 'Promoter'category to 'Public' category in terms of SEBI listing regulations, MHIL said in a statement.

This application was filed by MHIL pursuant to the composite scheme of amalgamation and arrangement amongst MHIL, Radiant Life Care Pvt Ltd, erstwhile Max India Ltd, and erstwhile Advaita Allied Health Services Ltd and their respective shareholders and creditors approved by the National Company Law Tribunal effective from June 1, 2020, it added.

MHIL is promoted by Dr Abhay Soi (Chairman and MD) and Kayak Investments Holding Pte. Ltd holding 23.10 per cent and 37.54 per cent shares, respectively. The company has major concentration in north India consisting a network of 17 healthcare facilities, although it has presence in Mumbai as well.