Bloomberg News

Max India Gains After Selling 26% of Unit to Life Healthcare

October 12, 2011

(Updates with derivatives data in second paragraph.)

Oct. 12 (Bloomberg) -- Max India Ltd. gained in Mumbai after the company agreed to sell 26 percent of its unit, Max Healthcare Institute Ltd., to South Africa’s Life Healthcare Group Holdings Ltd.

Max shares climbed 3.8 percent to 184.70 rupees at 9:54 a.m. Open interest in the company’s futures, or the number of contracts held by traders, soared 77 percent to 496, according to Bloomberg data. Its October futures were at 185.80.

The stake, worth about 850 million rand ($107 million), will be paid for in cash, Johannesburg-based Life Healthcare said in a statement yesterday after Indian markets closed. Max Healthcare provides private hospital care in New Delhi region.

--Editor: Ravil Shirodkar

To contact the reporter on this story: Santanu Chakraborty in Mumbai at schakrabor11@bloomberg.net

To contact the editor responsible for this story: Arijit Ghosh at aghosh@bloomberg.net


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