Latest News | Medanta Brand Owner Global Health, Veeda Clinical Get Sebi's Go-ahead to Float IPOs
Get latest articles and stories on Latest News at LatestLY. Global Health Ltd, which operates and manages hospitals under the Medanta brand, and clinical research organisation Veeda Clinical Research has received markets regulator Sebi's go-ahead to raise funds through an initial public offering (IPO).
New Delhi, Dec 27 (PTI) Global Health Ltd, which operates and manages hospitals under the Medanta brand, and clinical research organisation Veeda Clinical Research has received markets regulator Sebi's go-ahead to raise funds through an initial public offering (IPO).
These companies, which filed their preliminary IPO with Sebi in September, obtained its observations on December 21, an update with the regulator showed on Monday.
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In Sebi parlance, the issuance of observations letter implies its go-ahead for the IPO.
Going by the draft papers, Global Health's IPO consists of a fresh issue of equity shares aggregating to Rs 500 crore, and an offer for sale of up to 4.84 crore equity shares.
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As part of the offer-for-sale (OFS), Anant Investments, an affiliate of private equity major Carlyle Group, will sell up to 4.33 crore equity shares and Global Health co-founder Sunil Sachdeva (jointly with Suman Sachdeva) will offload up to 51 lakh equity shares.
The proceeds from the fresh issue will be used to pay debt and general corporate purposes.
Co-founded by Naresh Trehan, a renowned cardiovascular and cardiothoracic surgeon, Global Health is a leading private multi-speciality tertiary care providers in the north and east regions of India.
Veeda Clinical Research's Rs 831-crore IPO consists of an issuance of fresh equity shares worth up to Rs 331.60 crore and an OFS of Rs 500 crore by promoters and existing shareholders.
Investors participating in OFS include CX Alternative Investment Fund aggregating up to Rs 8.08 crore, Rs 90.19 crore by Arabelle Financial Services, Rs 259.77 crore by Bondway Investment Inc., Rs 0.04 crore by Stevey International Corporation and Rs 141.93 crore by Basil Private Limited.
The company intends to utilise net proceeds from the fresh issue for repayment of the debt, funding capital expenditure, funding further acquisition of subsidiary Bioneeds India, funding working capital requirements besides general corporate purposes. HRS hrs
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