MUMBAI, July 22 South African hospital operator
Life Healthcare Group Holdings Ltd will invest up to
7.9 billion rupees ($132 million) to raise its stake in an
Indian hospital chain, 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 now owns a 26 percent stake.
IFC, an arm of the World Bank, owns 7.5 percent of Max
Healthcare and has an option to either retain that or dilute it
to 5.4 percent, 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 3.97 billion rupees in Max
Healthcare by subscribing to new shares. It will also buy up to
13.30 percent stake in Max Healthcare from Max India, according
to a filing by Max India.
($1 = 60.1050 Indian Rupees)
(Reporting by Devidutta Tripathy; Editing by Sumeet Chatterjee)