Shareholders of Max India have approved merger of its healthcare assets into Max Healthcare and demerger of other residual businesses into Advaita, a wholly-owned subsidiary of Max India, in an NCLT-convened meeting.
The company said 99.21 per cent of the public shareholders voted in favour of the proposed composite scheme.
“This is significant progress for the comprehensive scheme that involves a series of transaction including demerger of Radiant’s healthcare assets into Max Healthcare which will result in KKR-backed Radiant acquiring a majority stake in Max Healthcare and listing of the combined Max Healthcare and new Max India’ respectively,” it added.
As the immediate next step towards the conclusion of the transaction, the second motion petition for approval of the scheme is expected to be filed with NCLT during the current month, Max India said in a statement.
The combination of Radiant and Max Healthcare will create the largest hospital network in North India, which will be among the top three hospital networks in the country by revenue and the fourth largest in terms of operating beds.
The merged entity will operate over 3,200 beds throughout 16 hospitals across India, including tertiary and quaternary care facilities offering high end critical and super speciality care supported by strong local brands such as BLK Hospital, Max Saket, Max Smart Hospital, Max Patparganj, and Nanavati Hospital.
The merged entity will continue to use the current brand name Max Healthcare, with appropriate adjustments to its logo, the company said.