Promoter company to sell stake in Max Health

Mumbai: Kayak Investments Holding, one of the promoters of Max Healthcare Institute is looking to sell 63.47 million shares or a 6.57% stake through a block deal on Wednesday, according to a term sheet issued by Kotak Capital.

The deal size is estimated to be Rs 2,220 crore. The floor price has been fixed at Rs 350-369.7 per share, a discount of up to 5% to Tuesday's closing price of Rs 371.20. Kayak held a 47.24% stake in Max Healthcare as of June 30. Kotak and Kayak did not respond to ET's query.