Max Healthcare Institute has announced to buy Jaypee Group’s bankrupt company Jaypee Healthcare for Rs 1660 crore. Max Healthcare will acquire 64 percent stake in this company. Max Healthcare told the stock market that it has entered into a strategic agreement with Lakshadeep Group, the promoters of Jaypee Healthcare Limited (JHL), a company undergoing insolvency resolution process (CIRP).
The company said that the collaboration and the proposed acquisition will give Max Healthcare a controlling stake in JHL. This also includes JHL’s major asset, the 500-bed Jaypee Hospital in Noida. Max will repay the accepted claims of JHL’s financial creditors. Fortis Healthcare, Apollo Hospitals, Medanta and Max Healthcare are among the half a dozen companies that had shown interest in buying Jaypee Healthcare.
Jaypee Healthcare’s debt
According to information provided by CARE Ratings, JC Flowers ARC, Bank of Baroda, Exim Bank, Punjab National Bank and Asset Reconstruction Company of India (ARCIL) are among the lenders of Jaypee Healthcare Limited. The total debt (including interest) on Jaypee Healthcare Limited is around ₹1000 crore.
June quarter results
In the April-June quarter of the current financial year, the profit of Max Healthcare Institute has increased marginally to Rs 295 crore. In the same quarter of the last financial year, the company’s profit was Rs 291 crore. The total income of the company has increased to Rs 2028 crore in the June quarter, which was Rs 1719 crore in the same quarter of the last financial year.
share status
Talking about the stock of Max Healthcare, it is worth Rs 908.70. The stock price fell by 0.43% compared to the previous day. On June 21, 2024, the stock had gone up to Rs 979.80. This was the 52-week high of the stock.