- Price Band fixed at ₹ 285 to ₹ 300 per Equity Share
- Bid/ Offer will open on Wednesday, July 26, 2023 and close on Friday, July 28, 2023
- Bids can be made for a minimum of 50 Equity Shares and in multiples of 50 Equity Shares thereafter
NE BUSINESS BUREAU
AHMEDABAD, JULY 26
A day ahead of its initial public offering opening for bidding on Tuesday, Noida-based hospital chain Yatharth Hospital & Trauma Care Services Limited has raised ₹206 crore from anchor investors.
In its filing to exchanges, the company said it has finalised allocation of 68,65,506 equity shares to 18 anchor investors at an issue price of Rs 300 per share.
Marquee investors that participated in the anchor book included ICICI Prudential, Nippon Life, HDFC Mutual Fund, Aditya Birla Sun Life Trustee, Bandhan Mutual Fund, HSBC Global Investment Funds, SBI Life Insurance, Troo Capital, Carnelian Capital, BNP Paribas Arbitrage, Goldman Sachs, Max Life Insurance, Kotak Mahindra Life, and Jupiter India Fund.
Yatharth Hospital, which operates three super-speciality hospitals located in Delhi-NCR and one multi-speciality hospital in Madhya Pradesh, will open its public issue for subscription between July 26 and July 28, with a price band of Rs 285-300 per share.
The company intends to raise ₹677-687 crore from the issue. It will use the funds to repay debt, fund capital expenditure expenses, fund acquisitions and other strategic initiatives and for general corporate purposes.
Bids can be made for a minimum of 50 equity shares and in multiples of 50 equity shares thereafter.
Yatharth Hospital has already raised ₹120 crore through a private placement (pre-IPO placement) of 40 lakh equity shares at a price of ₹300 each. As a result, the fresh issue size was decreased from ₹610 crore to ₹490 crore.
The initial public offering comprises a fresh issue of Equity Shares aggregating up to ₹ 4,900 million and an offer for sale up to 6,551,690 Equity Shares by selling.
The Company proposes to utilized fund raised through net proceeds of the Fresh Issue towards funding – (i) Repayment/ prepayment, in full or part, of certain borrowings availed by the Company up to ₹ 1,000 million; (ii) Repayment/ prepayment, in full or part, of certain borrowings availed by the Company’s subsidiaries, namely, AKS Medical & Research Centre Private Limitedand Ramraja Multispeciality Hospital & Trauma Centre Private Limited up to ₹ 1,450 million; (iii) Funding capital expenditure expenses of the Company for two hospitals, namely, Noida Hospital and Greater Noida Hospital up to ₹ 256.44 million ; (iv) Funding capital expenditure expenses of the Company’s subsidiaries, AKS and Ramraja, for respective hospital operated by them up to ₹ 1,069.66 million; (v) Funding inorganic growth initiatives through acquisitions and other strategic initiatives up to ₹ 650 million; and (vi) Balance amount towards general corporate purposes.
The Offer for Sale comprises up to 3,743,000 Equity Shares of Vimla Tyagi, up to 2,021,200 Equity Shares of Prem Narayan Tyagi and up to 787,490 Equity Shares of Neena Tyagi.
Intensive Fiscal Services Private Limited, Ambit Private Limited and IIFL Securities Limited are the book running lead managers to the Offer.
The basis of allotment of shares will be finalised on August 2 and the company will initiate refunds on August 3, while the shares will be credited to the demat account of allottees on August 4. Yatharth Hospital and Trauma Care Services shares are likely to be listed on BSE and NSE on Monday, August 7.
