The Board of directors of Max India Ltd in its meeting held on March 20, 2020, has considered and approved a proposal for further investment of upto Rs.115 Crore, in Antara Senior Living Limited, a wholly owned material Subsidiary (WOS) of the Company by way of subscribing to its Compulsorily Convertible Preference Shares (CCPS) in one or more tranches to meet its funding / business expansion proposals.
Launched in 2013, ASLL is a wholly owned material subsidiary of the Company. It is pioneering the concept of 'Age in Place' for people over 55 years of age, by developing senior living communities in India. The first Antara community was launched in April 2017 in Dehradun, Uttarakhand with 197 apartments spread over 14 acres of land. In January 2020, ASLL launched its second community in Sector 150, Noida. Antara aspires to create an integrated eco-system for seniors offering a blend of lifecare and lifestyle products comprising of residences for Seniors, Care and Memory care homes for seniors, providing similar services at home as well. Antara will also foster partnerships / alliances to offer its customers senior specific products / services.
The investment by the Company shall be utilized by ASLL, for business expansion by way of investment in Project at Greater Noida for an initial sum not exceeding Rs. 70 Cr., owned by Icare Health Projects and Research Private Limited, an entity owned and controlled by Mr. Analjit Singh and Mrs. Tara Singh Vachani, Promoter Directors of the Company.
Further ASLL shall also make investment in its wholly owned subsidiary namely Antara Purukul Senior Living Ltd. to the extent of upto Rs. 36 Cr. for acquisition of Land parcel in Guniyal Gaon, Dehradun, Uttarakhand owned by Rama Krishna Cold Chemicals Ltd., a wholly owned subsidiary of Solace Hotels and Hospitality Services Pvt. Ltd, an entity owned and controlled by Promoters of the Company.
The investments in aforesaid opportunities by Antara is in line with its growth aspirations across business verticals, including expanding Residences for Seniors, Care Homes and Home Care offering as well as entering into Memory Care vertical. Antara is exploring partnerships with strategic investors who could invest in the land parcels and infrastructure for its offerings, where Antara continues to be the service provider. The addition of these investments will help Antara to demonstrate its commitment to these verticals, showcase its products and capabilities to attract such investors, and yet have the flexibility to monetize these investments at an opportune time redeploy it in expanding its services.
Shares of Max India Ltd was last trading in BSE at Rs.65.15 as compared to the previous close of Rs. 65.8. The total number of shares traded during the day was 3220 in over 132 trades.
The stock hit an intraday high of Rs. 66.55 and intraday low of 63.95. The net turnover during the day was Rs. 212059.