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MUMBAI: Diversified firm Max India shareholders on Friday met for considering Rs 150 crore fund raising plan by issuing shares to US-based International Finance Corporation (IFC) on preferential basis for meeting funding requirements.

Earlier, the board has approved the allotment of 1.03 crore shares to IFC at Rs 145.26 a piece, aggregating to Rs 150 crore, Max India said in a filing to the Bombay Stock Exchange.

The objects of the issue through preferential offer is to meet the general funding requirements of subsidiaries of the company, including for purposes of investment in Max Healthcare Institute Ltd for expansion of healtcare business, the filing added.

The group is engaged in healthcare, IT services and financial services. Shares of Max India were trading at Rs 229, down 6.72 per cent in the afternoon trade on the BSE. - PTI

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