The International Finance Corporation (IFC) has decided to pick 4.4% stake in Max India at Rs 145 per share.

The sources said that Max India, an insurance and healthcare conglomerate would be raising Rs 150 crore through issue of shares to IFC.

The sources further added that the conglomerate would be utilizing the amount raised to fund its expansion of healthcare and insurance business.

At present promoters own 35% stake in Max India, while private equity firm Warburg Pincus holds 22% stake in it.

According to reports, in fiscal 2007, IFC had pumped Rs 300 crore in Max Healthcare, an arm of Max India.

Currently, Max India functions six hospitals (700 beds) and two specialty clinics in the NCR arena. It will soon open 100 bed hospital in Dehradun. The project will take the total capacity of Max Healthcare to 2,000 beds.