Max India Ltd will allot 1 crore (10 million) equity shares of Rs 10 each, representing 29.17 per cent of the share capital, to Parkville Holdings Ltd, a member of the Warburg Pincus Group for a consideration of Rs 200 crore (Rs 2000 million).
The board has approved the issue of 1 crore equity shares at a price of Rs 200 per equity share inclusive of a premium of Rs 190 per share to Parkville Holdings Ltd, the company informed the Bombay Stock Exchange on Monday.
It also approved the issue of 11.5 lakh (1.15 million) equity shares of Rs 10 each at a price of Rs 200 per equity share inclusive of a premium of Rs 190 to Analjit Singh Liquid Investments and Trading Ltd, Pivet Finances Ltd, PVT Investments Ltd, Maxopp Investment Ltd, Cheminvest Ltd and Medicare Investments Ltd forming a part of the promoter group on preferential basis for Rs 23 crore (Rs 230 million), it said.
The company has decided to rescind the proposed issue of equity shares upto 27.67 lakh (2.77 million) equity shares of Rs 10 each at a premium of Rs 170 per share on preferential basis to Chryscapital II LLC Mauritius.
An extraordinary general meeting of the company would be convened on June 21 for obtaining approval of the shareholders for the issues of shares on preferential basis, it added.
