Shares of Max India debuted at Rs 80 on the BSE after business conglomerate Max group relisted its arm on the bourses for trading on Friday. The stock opened at Rs 80 on the BSE, but later dipped below the opening price and touched lower circuit limit of Rs 76, down 5.26 per cent from the opening price.
On the NSE, it debuted at Rs 79.95 and as trade progressed it hit its lowest trading permissible limit for the day of Rs 76.
A BSE filing on Friday said, trading members of the exchange are hereby informed that effective from August 28, 2020, the equity shares of Max India Ltd are listed and admitted to dealings on the exchange in the list of ‘T’ group securities.
“The listing will unlock value for shareholders of erstwhile Max India allowing them with pure play access to the sunrise and high-potential senior care sector,” the company had said on Thursday.
Max India, which got delisted in June, had recently announced plans to invest Rs 300 crore over the next four years to develop a housing project for senior living in Noida, Uttar Pradesh, as well as in its new assisted-care services business.
Advaita was formed as a result of the merger of the healthcare assets of the erstwhile Max India into Max Healthcare and demerger of the senior care and other businesses of Max India into Advaita on June 1, 2020.
The relisting of new Max India follows Max Healthcare’s listing last week. SUM ANS ANS