The current round totaling Rs 115 crore (rs 1.15 billion) is for Max Healthcare's 28.75 million equity shares of Rs 10 each at an issue price of Rs 40 per share.
"The latest fund infusion from Warburg Pincus is a part of the Rs 600 crore (Rs 6 billion) healthcare project in which we now have fully tied up the funding requirements," B Anantharaman, joint managing director of Max India said.
The company is targeting a revenue of Rs 147 crore (Rs 1.47 billion) this fiscal and expects to break-even in the next 18-24 months, he said. Warburg Pincus had invested Rs 25 crore (Rs 250 million) in January for a 13.8 per cent stake in Max Heathcare.
The total investment of Warburg Pincus in Max Healthcare now stands at Rs 140 crore (Rs 1.4 billion).
After the infusion, promoter company Max India holds 70 per cent in Max Healthcare, Warburg Pincus has 23 per cent and the remaining seven per cent is held by two foreign investors.
Max India also announced that Warburg Pincus has completed its balance investment of Rs 119 crore (Rs 1.19 billion) in the company taking its total investment to Rs 200 crore (Rs 2 billion) representing 28.7 per cent stake. Warburg Pincus has so far invested Rs 340 crore (Rs 3.4 billion) in the Max Group over the last six months.
Max Healthcare's fifth hospital in Gurgaon would be functional in 2006. It already has four hospitals in Delhi and national capital region.