MUMBAI: Global Health Limited, which operates and manages hospitals across India under the Medanta brand, has entered into a draft red herring with the Securities Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). Prospectus has been filed.
The IPO includes issue of fresh equity shares worth Rs 500 crore and offer for sale of 48.44 million shares by existing promoters and shareholders.
The OFS will consist of sale of 43.34 million shares by Anant Investments and 5.1 million shares by Sunil Sachdev.
World renowned heart and cardiothoracic surgeon Naresh Trehan founded Medanta in 2004. He has been awarded the prestigious Padma Bhushan and Padma Shri.
Private equity investors such as the Carlyle Group, through its affiliate Anant Investments, and Temasek Holdings, through its affiliate Dunearn Investments Mauritius Pte Ltd, hold minority stakes – 25.67% and 17%, respectively – in Global Health, while Trehan has 35. % To bet. Sunil Sachdeva, co-founder of Medanta, holds 13.43% shares, RJ Corp Ltd holds 3.95% and Agio Images Ltd holds 1.97%.
Kotak Mahindra Capital Company Limited, Credit Suisse Securities India Private Limited, Jefferies India Private Limited and JM Financial are the Book Running Lead Managers of the issue.
firm intends to use ₹The Rs 375 crore of the IPO is to be repaid by investing by its arm Global Health Patliputra Pvt Ltd and Medanta Holdings Pvt Ltd through debt or equity infusion. As of June 2021, Global Health had an outstanding of Rs 767.58 crore on a consolidated basis.
The firm is currently one of the largest private multi-specialty tertiary care professionals working in the North and Eastern regions of India with major specialties in Cardiology and Cardiac Sciences, Neurosciences, Oncology, Digestive and Hepatobiliary Sciences, Orthopedics, Liver Transplant, and Kidney and Urology. provider. .
Its hospital in Gurugram was rated India’s best private hospital for two consecutive years in 2020 and 2021.
It provides health services in over 30 medical specialties and engages over 1,100 doctors. With 2,176 installed beds in operational hospitals, the hospitals in Patna and Noida are expected to start operations during FY 2022 and 2025.
For the financial year 2021, the consolidated total revenue stood at Rs 1,478.16 crore, while ₹1544.27 crore a year ago. Net profit stood at Rs 28.81 crore as against Rs 36.33 crore last year.
In 2019, TPG and Temasek-backed Manipal Hospitals were in talks to acquire Medanta Hospitals, with its board accepting a binding offer of Rs 5,800 crore submitted by Manipal Hospitals. However, the conversation was averted.
As reported by Hindustan Times, in June 2020, the Enforcement Directorate registered a money laundering case against two officials of Medanta Hospital, Trehan, Global Health, Punj Lloyd’s Atul Punj, Sunil Sachdeva, Anant Jain and Haryana Urban Development Authority. For alleged irregularities in the allotment of land to the hospital in 2004.
Medanta Hospital officials had called the allegations “false, baseless and motivated”.
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