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New Delhi, Delhi, India
Max India today announced that the company proposes to issue equity to Qualified Institutional Buyers (QIBs) for an amount upto Rs. 1,000 crore, in one or more tranches.
The company has convened an EGM of the shareholders on March 23, 2007 to seek their approval of the proposed issue.
Mr. B. Anantharaman, Joint Managing Director, Max India Limited, said, "The QIP is proposed to meet the funding requirements of the Company in line with its long term strategic business plans to further grow and expand, both organically and inorganically, all the existing businesses and more specifically, the life insurance business".
About Max India Limited
Founded in 1985, Max India Limited is a Public Limited company listed in the NSE and BSE of India with around 26,000 shareholders.
Today, Max India is a multi-business corporate, driven by the spirit of Enterprise, focused on Knowledge, People and Service oriented businesses of Healthcare (Max Healthcare), Life Insurance (Max New York Life Insurance) and Clinical Research (Neeman Medical International). Max also maintains interests in Specialty Plastic Products for the packaging industry (Max Speciality Products) and Healthcare Staffing (Max HealthStaff).
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Ashim Gupta, Max India, +91 98105 85556 agupta@maxindia.com
Source: Max India Ltd. (Business Wire India)
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