Khaitan & Co advised Max India Limited on its ₹124.23 crore rights issue involving the issuance of 82,81,973 fully paid-up equity shares with a face value of ₹10 each, offered at ₹150 per share (including a premium of ₹140). The rights issue was extended to eligible equity shareholders of Max India on a rights basis.
The core team consisted of Gautham Srinivas (Partner), Sathvik Ponnappa (Partner), Sanjeev Chowdhary (Principal Associate), Shweta Sivaram (Senior Associate) and Vanshika Chaudhry (Senior Associate).
They received special assistance from Anubhav Jaiswal (Associate), Mainak Pani (Associate), Aditi Dubey (Associate) and Anushaka Sharma (Associate).
The issue opened on May 7 and closed on May 22, with rights entitlements trading between May 7 and May 16 under the symbol MAXIND-RE. The issue was oversubscribed by 1.45 times, with allotment completed on May 23 and shares credited and listed on May 26.
Proceeds from the rights issue will be used to support Max India’s wholly owned subsidiary, Antara Assisted Care Services Limited (AACSL), specifically for branding, marketing, and working capital requirements, as well as general corporate purposes. Max India, the holding company for the Max Group’s senior care business, operates under the Antara brand and provides an integrated suite of senior living and assisted care services.
Max India Limited, a publicly listed entity under the Max Group, serves as the holding company for Antara, a comprehensive senior care platform in India. Established in 2013, Antara operates through two primary verticals: Antara Senior Living and Antara Assisted Care Services. Antara Senior Living offers independent senior residences in Dehradun and Noida, with plans to expand to Gurugram's Estate 360, an intergenerational community.
Antara Assisted Care Services encompasses Care Homes, Memory Care Homes, Care at Home services, and the AGEasy platform, which provides expert-assisted solutions for managing chronic conditions. These services are designed to address the evolving needs of seniors, offering both residential and in-home care options
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