Max Healthcare Institute, which listed last year after merger with KKR-backed Radiant Life Care, today said it will acquire the remaining 16.64% stake in Crosslay Remedies for around Rs 82 crore (about $11.2 million).
The stake will be acquired in one or more tranches by June this year, said Max Healthcare in a disclosure.
Crosslay operates Ghaziabad-based Max Super Speciality Hospital, Vaishali (formerly Pushpanjali Crosslay Hospital) and Max Multi Speciality Centre, Noida.
Max Healthcare had bought 77.95% in Crosslay for Rs 247 crore at a valuation of Rs 318 crore in 2015.
Post the 2015 transaction, remaining shareholders including Crosslay founder Vinay Aggarwal's group had the authority to exercise a put option after a lock-in of four years that ended on 9 July 2019. The put option was exercised in the fiscal ended March 2020.
Other remaining shareholders are Arun Narula Group, PD Garg Group, OP Manchanda Group, GK Mani Group and Akhil Jain Group.
Crosslay, incorporated in 2002, reported a turnover of Rs 367 crore for fiscal 2019-20 as compared with Rs 300 crore the previous financial year.
Last month, Max Healthcare bought the remaining equity stake in Saket City Hospitals held by KKR.
These developments come after Max Healthcare in March said the hospital chain had raised Rs 1,200 crore ($165 million) via a qualified institutional placement (QIP).
It had said that part of the funds raised would be used to expand stake in subsidiaries.