Analjit Singh-owned insurance and healthcare company Max India shareholders on Friday met for considering Rs 150 crore fund raising plan by issuing shares to US-based International Finance Corporation (IFC) on preferential basis for meeting funding requirements.

The objects of the issue through preferential offer is to meet the general funding requirements of subsidiaries of the company, including for purposes of investment in Max Healthcare Institute Ltd for expansion of healthcare business.

Presently, Max Healthcare operates six hospitals (700 beds) and two specialty clinics in the NCR area. The company intends to open a 100 bed hospital in Dehradun.

Earlier, the board has approved the allotment of 1.03 crore shares to IFC at Rs 145.26 a piece, aggregating to Rs 150 crore.

Max India currently holds market capitalization of around Rs 3,250 crore.

The scrip closed on Thursday at Rs 228 on BSE, down 7% compared to previous close of Rs 245.