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Max India to sell 9.4% to Goldman unit for $115 mn

Max India to sell 9.4% to Goldman unit for $115 mn
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First Published: Tue, Dec 29 2009. 11 33 AM IST
Updated: Tue, Dec 29 2009. 11 33 AM IST
Mumbai: Max India Ltd said on Tuesday it will sell 9.4% stake in the company to Goldman Sachs Capital Partners for a rupee equivalent of around $115 million on preferential basis.
Goldman Sachs Capital Partners is the private equity arm of Goldman Sachs.
Max India will issue Fully and Compulsorily Convertible Debentures (FCDs) of the face value of Rs867 to Goldman through its wholly owned subsidiary Xenok Ltd, Max India informed the Bombay Stock Exchange.
The FCDs will carry a coupon rate of 12% per annum and will have to be converted to equity before 15 months from the date of allotment.
Max India has convened an extra-ordinary general meeting on 22 January 2010, to obtain shareholders’ approval for the FCD and warrant.
The issuance would be at Rs46.77 per US dollar, it said.
The company also said it will issue 2 million warrants to promoter Analjit Singh for Rs1.73 billion.
Max India is a diversified firm with interests in healthcare, information technology and financial services.
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First Published: Tue, Dec 29 2009. 11 33 AM IST