South Africa's Life Healthcare to Invest up to $132 Million in Max Healthcare

South Africa's Life Healthcare to Invest up to $132 Million in Max Healthcare

Mumbai: South African hospital operator Life Healthcare Group Holdings Ltd will invest up to Rs 790 crore ($132 million) to raise its stake in Indian hospital chain Max Healthcare, the venture's India partner Max India Ltd said on Tuesday.

After the deal, Life Healthcare and Max India will have an equal stake in Max Healthcare, in which the South African company currently owns a 26 per cent stake.

World Bank arm IFC owns 7.5 per cent of Max Healthcare and has an option to either retain that or dilute it to 5.4 per cent, Max India said.

Life Healthcare's actual investment would depend on IFC's decision on its stake, it said.

Life Healthcare will invest up to Rs 397 crore in Max Healthcare by subscribing to new shares.

It will also buy up to 13.30 percent in Max Healthcare from Max India, according to a filing by Max India.

(1 dollar = 60.1050 rupees)

Copyright @ Thomson Reuters 2014

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