Diversified business group Max India today said it will buy private equity firm Warburg

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Pincus group's entire 16.37 per cent in Max Healthcare Institute Ltd for Rs 140 crore.

The company's board, in a meeting held today, approved to acquire 4.76 crore shares of Rs 10 each of Max Healthcare Institute, constituting the entire shareholding of 16.37 per cent held by entities forming part of Warburg Pincus group , Max India said in a filing to the Bombay Stock Exchange (BSE).

The company will buy the shares at an acquisition price of Rs 29.40 per share for a consideration of Rs 140 crore, it added.

The acquisition of shares is expected to be completed by December 15, 2011 after receipt of all regulatory approvals, it said.

"With this acquisition, the company's equity shareholding in Max Healthcare Institute would stand increased to 91.84 per cent," the company said.

Max India Ltd is engaged in various business verticals, including insurance, healthcare, contract research and speciality films.

On consolidated basis, Max India had revenues of about Rs 7,900 crore in the last financial year. As much as 80 per cent of that came from the insurance business and about 10 per cent from the healthcare.

Shares of Max India today closed at Rs 177.50 on BSE, up 0.25 per cent from its previous close.