Life Healthcare: Stake in Indian hospitals to rise

Life Healthcare would invest up to 7.66 billion rupees (R1.35bn) to raise its stake in an Indian hospital chain, the venture’s Indian partner, Max India, said yesterday. After the deal, Life Healthcare and Max India would have equal stakes of about 46.4 percent in Max Healthcare Institute, in which the JSE-listed company now owns 26 percent. Max India said the International Finance Corporation (IFC), an arm of the World Bank, owned 7.5 percent of Max Healthcare and had an option to either retain that or dilute it to 5.4 percent. Life Healthcare’s investment would depend on the IFC’s decision on its stake. Life Healthcare would invest up to 3.97 billion rupees in Max Healthcare by subscribing to new shares. It would also buy up to a 13.3 percent stake in Max Healthcare from Max Indiag. Life Healthcare shares rose 1.82 percent to R44.70. – Reuters