The QIP issue committee of board of directors of the company approved allotment of 6,14,12,482 equity shares to eligible qualified institutional buyers at the issue price of Rs 195.40 per equity share, aggregating to Rs 1199,99,98,982.80.

Allottees who were issued more than 5% of the total equity shares offered in the QIP are SBI Focused Equity Fund (16.7%), HDFC Flexi Cap Fund (14.4%), HDFC Mid-Cap Opportunities Fund (10.5%), BNP Paribas Arbitrage - ODI (7.6%), Nomura India Stock Mother Fund (7.1%), Polar Capital Funds PLC - Healthcare Opportunities Fund (6.8%) and Veritas Asian Fund (5.6%).

Max Healthcare Institute proposes to utilize the Net Proceeds for part financing the funding requirements of the company, meeting the capital expenditure and working capital requirements of the company, subsidiaries, managed healthcare facilities and partner healthcare facilities and affiliates, if any, including investment or increasing our stake in existing or future subsidiaries, joint ventures and affiliates, repayment of debt, expansion and modernization, and general corporate requirements or any other purposes.

Further, the company proposed to achieve minimum public shareholding as prescribed under the Securities Contracts (Regulations) Rules (SCRR), 1957, pursuant to this issue.

Max Healthcare Institute (MHIL) provides healthcare services. The company has major concentration in North India consisting of a network of 16 healthcare facilities.

The hospital chain operator reported a consolidated net profit of Rs 90.36 crore in Q3 FY21 as compared to a net loss of Rs 1.80 crore in Q3 FY20. Net sales during the quarter increased by 197.9% YoY to Rs 795.60 crore.

The scrip shed 0.15% to currently trade at Rs 199.75 on the BSE.