Capital International Group on Friday announced that it has bought 4.6% stake from Max group’s founder Analjit Singh in Max Healthcare for Rs 515 crore. Capital International Group is a London based wealth management company.
Analjit Singh has 7% stake in the Healthcare entity and the present deal involves a transfer of about 4.6%. The proceeds from the stake sale by Analjit Singh will primarily be used for paying off the debts that he owes in his personal capacity.
In June, it was reported that the Max Group was looking for investments worth Rs 2,300 crore by selling their stake in the group’s healthcare and financial services companies.
“We are fully committed to reduce the debt considerably within the current year. We have been working towards it in a structured manner. Our divestment of some private real estate in the UK recently allowed us to trim the debt to quite an extent. We plan to take some significant actions in the near future to become almost debt-free,” a spokesperson for the promoter had said.
The promoters are looking to sell 10-15% of their 28.31% stake in Max Financial Services Ltd for around ₹1,500 crore.
The total debt as on December, 2019 was Rs 3,400 crore.
