Hospital chain Max Healthcare Institute Ltd on Wednesday said it is allotting 61.41 million shares to institutional investors at an issue price of Rs195.40 a share. The QIP, which raised Rs12,00 crore, had opened on 4 March and closed on 9 March. SBI Focus Equity Fund, HDFC Flexi Cap Fund, HDFC MidCap Opportunities, and BNP Paribas Arbitrage ODI subscribed to the shares in the QIP offering, the company said. Other investors include Nomura India Stock Mother Fund, Polar Capital Funds PLC – Healthcare Opportunities Fund and Veritas Asia Fund. Proceeds from the issue will be used for part financing funding requirements, meeting capital expenditure and working capital requirements, including investment or increasing stake in existing or future subsidiaries, joint ventures and affiliates, repayment of debt, expansion and modernization.

In January, India’s largest hospital chain Apollo Hospitals Enterprise had raised Rs1,170 crore through a QIP offering. The shares of Max Healthcare Institute traded at Rs 199.80 on the BSE, down marginally from the previous close.