Max India Limited's Rights Issue: 1.45 Times Oversubscription Signals Strong Investor Confidence
NewsVoir
New Delhi [India], May 31: Max India Limited (MIL) has announced the successful closure of its Rights Issue, raising Rs. 124.23 crore through the issuance of 82,81,973 fully paid-up equity shares at Rs. 150 per share. The offering was oversubscribed, signalling strong investor support for the company's strategic direction, leadership, and long-term vision to build an integrated platform offering lifecare and lifestyle products and services designed to enhance the quality of life for seniors.
This is also indicative of stronger-than-anticipated investor interest, and reaffirms market confidence in Max India Limited's expanding portfolio through its subsidiaries across senior residences, assisted living, and technology-led platform for managing chronic conditions.
Speaking about the Rights Issue, Tara Singh Vachani, Vice-Chairperson, Max India Limited, and Executive Chairperson, Antara Senior Living, said, "This oversubscription reflects strong validation of our long-term vision and the value we're creating in the senior care space. We remain focused on delivering long-term value to all stakeholders."
Rajit Mehta, Managing Director, Max India Limited, said, "We're grateful to our shareholders and investors for their continued trust and confidence. This capital will help us accelerate our next phase of growth and strengthen our market position."
The announcement of the Rights Issue was met with positive market sentiment, with Max India Limited's stock seeing a 3% uptick on the day of board approval.
Capital Allocation and Strategic Priorities
The funds raised through the Rights Issue will be deployed towards growth of its wholly owned subsidiary Antara Assisted Care Services Limited (AACSL) and will be utilised for sales, marketing and to meet working capital requirement. The balance will be utilised for general corporate purposes.
This capital infusion supports Max India's broader strategy to build and scale a senior-centric health and wellness platform. The company remains focused on delivering top-line growth, margin improvement, and sustainable value creation.
With the successful closure of the Rights Issue, Max India Limited has strengthened its balance sheet and is better positioned to capitalize the emerging opportunities in the senior care ecosystem. The company remains committed to delivering high-quality, people-centric care while building long-term value for its stakeholders.
MIL is the holding company of Max Group's Senior Care business i.e. Antara Senior Living Limited (Residences for Seniors) and Antara Assisted Care Services Limited (Care Homes, Care at Home, and AGEasy).
Max India investor list includes: Habrok Capital, Aionios Alpha, Avener Capital, Value Prolific, Rohit Lala, Ullhas Paymaster, Murugu Selvan K, Porinju Veliyath, Ritesh Oswal and Chetan Jayantilal Shah.
For more information about Max India, please visit www.maxindia.com.
Launched in 2013, Antara is the senior-care business of Max India Limited, part of the $5 billion Max Group. It is an integrated ecosystem for senior care, operating in two main lines of businesses - Residences for Seniors and Assisted Care Services. Antara's first senior residential community in Dehradun comprising nearly 200 families, caters to their social, recreational, educational, wellness, and health-related needs. It will open its second senior living community in Noida's Sector-150 with families moving into the 340 apartments built in the first phase as and when statutory approvals will be in place. Expanding its footprint in Gurugram, Antara will manage senior living residences, dedicated spaces for senior living, and primary healthcare services at Estate 360 - Delhi-NCR's first intergenerational community developed by Max Estates.
Antara's Assisted Care Services include 'Care Homes', 'Care at Home' and 'AGEasy'. This line of business caters to seniors, who need more immersive interventions in their daily lives due to medical or age-related issues. With facilities across Gurgaon, Noida and Bengaluru, the Care Homes provide long-term care to seniors who require constant medical and nursing supervision, and short-term care services for the recuperation of seniors. Its Care at Home services, offered in Delhi-NCR, Bengaluru and Chennai, provides well-equipped, trained professionals offering care to seniors inside their home's comfort. AGEasy - an online and offline store - focuses on senior specific products and solutions to manage chronic health conditions.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
6 minutes ago
- Time of India
Peak XV trims stake in Zinka Logistics in Rs 302 crore bulk deal; ADIA, MIT among buyers
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Bengaluru-based logistics tech company Zinka Logistics Solutions , popularly known as BlackBuck, witnessed a block deal on Tuesday. A group of marquee institutional investors picked up stakes, while existing investor Peak XV Partners pared down its holding. The total block deal value is around Rs 302 to data from the stock exchanges, nearly 59 lakh shares changed hands. Among the buyers were global institutional names such as Abu Dhabi Investment Authority (ADIA), ICICI Prudential Mutual Fund, and Massachusetts Institute of Technology (MIT).ADIA purchased 23,02,574 shares at a price of Rs 420 per share. ICICI Prudential Mutual Fund acquired 11,42,856 shares at the same price, while MIT picked up the largest chunk -- 24,65,945 shares -- at Rs 420 per the sell side, Peak XV Partners Investments VI offloaded 12,10,588 shares at a higher price of Rs 444.71 per share, likely booking gains on their earlier of the latest available data, promoters held 27.7% of Zinka, while the public held 72.3%. Foreign investors made up a large chunk of the public shareholding, with several high-profile names such as Tribe Capital, Sands Capital, Accel, and B Capital featuring on the largest public shareholder was Quickroutes International, holding over 9% stake. Among mutual funds, SBI Technology Opportunities Fund held 6.62%, while Bandhan Core Equity Fund and Invesco India Contra Fund held smaller Logistics is one of India's leading tech-driven logistics platforms specializing in full-truck load (FTL) freight. Founded in 2015, the company has transformed the traditional trucking ecosystem by digitizing operations for both fleet owners and its mobile and web-based solutions, Zinka connects truckers with businesses in real-time, offering seamless booking, GPS-based tracking, digital payments, and documentation. The platform serves a wide range of industries including FMCG, manufacturing, and e-commerce, providing reliable long-haul transportation across company also assists truckers with services like fuel cards, insurance, and toll management, aiming to improve their efficiency and reduce idle time.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
The Print
15 minutes ago
- The Print
Elon Musk's Starlink to get licence to operate in India soon, says Jyotiraditya Scindia
'Currently, two companies—OneWeb and Reliance—have received licences for satellite connectivity. The process for Starlink is also nearly complete. The LOI has been issued. And I believe it (Starlink) will get the licence soon,' Scindia said. In an exclusive interview with ThePrint on Tuesday, Scindia said that the Department of Telecommunications (DoT) earlier issued a Letter of Intent (LOI) to Starlink. The final approvals are pending from the Indian National Space Promotion and Authorisation Centre (IN-SPACe). New Delhi: Elon Musk's satellite internet venture, Starlink, is 'almost licensed' to operate in India, Union Minister of Communications and Minister for Development of North Eastern Region Jyotiraditya Scindia has said. 'The next step involves securing approval from IN-SPACe. All three licence holders must undergo this process before beginning operations,' he added. In the meantime, Scindia said, OneWeb and Reliance received spectrum allocations on a 'minimal exploratory basis' to begin testing their services. Once licensed, Starlink will likely follow a similar path. 'After this, TRAI (Telecom Regulatory Authority of India) will provide policy norms for administrative spectrum allocation, which will govern commercial rollout,' Scindia said. The minister emphasised that satellite internet would be vital to bridging India's last-mile connectivity gap, particularly in remote areas, where laying fibre optic cables or installing towers remained unviable. 'In India, there are many regions where no telecom tower can reach and laying OFC is impossible. Satellite is the only option there,' Scindia said. 'It is not about platform competition; it is about giving consumers a choice.' 'As the minister of communications, it is my responsibility to provide a bouquet of services to consumers. The choice of which to use must lie with them,' he added. Also Read: Airtel and Jio are welcoming Starlink to India. Is it a bid to get on Trump's good side? BharatNet 2.0: Expanding ground connectivity Scindia said the Modi government's Rs 1.39 lakh crore BharatNet 2.0 programme, which aimed to connect 2.5 lakh village panchayats and an additional 3.8 lakh villages on demand, would complement the space-based rollout. Key upgrades in the new phase include a shift from a linear to a ring topology, network downtime, and ensuring service redundancy. The project includes a 10-year OPEX (operating expenses) component alongside capital expenditure to ensure long-term sustainability. 'We have moved away from just CAPEX-focused design. Under the ring topology, even if one connection fails, the network reroutes itself. And with OPEX, maintenance becomes the service provider's responsibility,' he explained. 'BharatNet will now connect not just rural India to the nation but also to the world.' Operation Sindoor & national security On matters of national security, Scindia referenced recent military actions in Jammu and Kashmir under Operation Sindoor, asserting the prerogative to give a firm response to threats. 'Those who thought of wiping off the 'sindoor' of our sisters and mothers have been, themselves, wiped out,' he said, underscoring the assertive posture taken by the Modi government. India, he further said, had never believed in initiating conflict. 'But if innocent citizens are targets, the response to a brick will be with a stone,' he stated. Also Read: Musk's 'small man' spat with Polish minister bares widening US-Europe rift over Russia-Ukraine war Shashi Tharoor & 'India First' Doctrine Asked about the criticism of MP Shashi Tharoor within the Congress for his participation in an all-party delegation representing India abroad, Scindia said everyone should view the role of the delegation through the lens of national unity. 'Every person on that delegation went as an Indian. Difficulties arise when the country is not the priority. For some elements, their interests come first. In such cases, neither you nor I need to say anything—the people of India already have,' he said. Revival of BSNL & 5G roll-out Scindia credited the turnaround of BSNL (Bharat Sanchar Nigam Limited) to the leadership of Prime Minister Modi, along with the hard work of the BSNL employees. According to Scindia, the installation of 93,000 4G towers, out of a target of 1,00,000, is already complete. Once stabilised, these towers, using the same software core, will be upgraded to 5 G. 'I take no personal credit. The Prime Minister showed the vision, and the BSNL family delivered,' he said. Meanwhile, as of 1 January this year, MTNL was fully merged into BSNL and will now function as a shell entity for debt resolution and asset management. 'Operationally, MTNL (Mahanagar Telephone Nigam Limited) is under BSNL. We will negotiate and settle its debt with banks,' he said. Spam calls, cybersecurity & consumer protection The Union minister also outlined ongoing efforts to curb cyber fraud, spam calls, and mobile misuse. Scindia highlighted the blocking of 1.3 crore spoof calls in a single day over the last few months, along with the deactivation of more than three crore fake mobile connections and 25–30 lakh WhatsApp-linked numbers suspected of misuse. He also reported the launch of a new telecom consumer portal and app to report stolen phones, SIM misuse, and cloned accounts. 'Our responsibility is to ensure both connectivity and safety. Technology must empower—not endanger—our citizens,' Scindia added. (Edited by Madhurita Goswami) Also Read: How should India respond to Trump tariff? Raghav Chadha has an idea involving Starlink
Time of India
17 minutes ago
- Time of India
Ola Electric block deal: Citigroup buys shares worth Rs 435 crore; Hyundai Motor, KIA sellers
Citigroup acquired over 8.61 crore shares in Ola Electric for Rs 435 crore as Hyundai and Kia exited. The block deal triggered a sharp 8% drop in share price amid poor earnings. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Citigroup bought over 8.61 crore shares worth Rs 435 crore in Ola Electric Mobility on Tuesday via a block deal in which Hyundai Motor Company and KIA Corporation were bought shares through its arm Citigroup Global Markets Mauritius Pvt Ltd at a price of Rs 50.55 apiece which was 6% lower from the Monday closing price of Rs Motor which held 2.47% stake representing over 10.88 crore shares in Ola Electric as on March 31, 2025 today sold its entire stake in the company at a price of Rs 552 crore. Meanwhile, KIA Corporation sold over 2.71 crore shares at a price of Rs 50.55 a piece at a total cost of Rs 137 block deal triggered a sell-off in Ola Electric shares which closed at Rs 49.33, down by Rs 4.36 or 8.12%.The stock has been under sustained selling pressure in recent months. Shares have declined 46% over the past six months, 11.4% in the last three months, and 4.1% in the past week, though they have risen 3.7% over the past sell-off comes on the heels of disappointing quarterly results. On Thursday, Ola Electric reported a consolidated net loss of Rs 870 crore for the quarter ended March 2025, widening from Rs 416 crore in the same period last year. Revenue from operations dropped sharply to Rs 611 crore, down from Rs 1,598 crore in the year-ago quarter, the company said in a regulatory the full financial year, the company posted a net loss of Rs 2,276 crore, compared with Rs 1,584 crore in FY24. Operating revenue declined to Rs 4,514 crore from Rs 5,010 crore a year the weak numbers, Ola Electric had reaffirmed its commitment to turning profitable. 'FY26 will be focused on scaling revenue and operating leverage as the company marches towards sustainable profitability,' it had Read: Tata Technologies block deal: TPG to sell 2.1% stake, floor price likely at Rs 744.5 per share: Report
