Max India seeks investors nod to sell 9.4% stake to Goldman
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Last Updated: Thursday, December 31, 2009, 20:53
Mumbai: Diversified business house Max India on Thursday said it will hold its shareholders meeting on January 22 to seek their approval to sell 9.4 per cent stake to Goldman Sachs Capital Partners worth USD 115 million.

The company's extra-ordinary general meeting (EGM) slated for January 22 will also consider the issue of 20 lakh warrants (representing about three per cent stake) to the company promoter Analjit Singh for nearly Rs 173 crore, Max India said in a filing to the Bombay Stock Exchange today.

On December 26, the company board approved issue of fully and compulsorily convertible debentures (FCDs) to Goldman Sachs Capital Partners for an aggregate consideration of about USD 115 million.

Goldman has to compulsorily convert the FCDs on or before 15 months from the date of its allotment. The FCDs will carry a coupon of 12 per cent per annum.

The board also approved issuing 20 lakh warrants to Singh.

Max India has interests in different sectors, including healthcare, IT services and financial services.

Shares of Max India closed at Rs 221.10, down by 0.34 per cent from its previous close on the BSE on a day when the market closed 121 points up.


First Published: Thursday, December 31, 2009, 20:53

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