Advertisement
Saturday, Jul 02, 2022
Outlook.com
Outlook.com

Medanta Brand Owner Global Health, Veeda Clinical Get Sebi's Nod To Float IPOs

These companies, which filed their preliminary IPO with Sebi in September, obtained their observations on December 21, an update with the regulator showed on Monday.

Medanta Brand Owner Global Health, Veeda Clinical Get Sebi's Nod To Float IPOs
Medanta Brand Owner Global Health, Veeda Clinical Get Sebi's Nod To Float IPOs
outlookindia.com
2021-12-27T17:49:07+05:30

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 their observations on December 21, an update with the regulator showed on Monday.

In Sebi parlance, the issuance of an 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.

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 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 LimitedThe company intends to utilise net proceeds from the fresh issue for repayment of the debt, funding capital expenditure, funding the further acquisition of subsidiary Bioneeds India, funding working capital requirements besides general corporate purposes.

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

In happy times and sad, Habba Khatun’s sensuous songs make both young and old emotional. With the never-ending conflict bringing tragedies to every doorstep, Habba’s lyrics of separation amplify their mourning.

How Indian Laws Govern People’s Right To Love And Live

How Indian Laws Govern People’s Right To Love And Live

In India, only those relationships between a man and a woman are considered to be legitimate when there is a marriage between the two.

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Virat Kohli, 33, had recently stepped down as India's T20I captain and was subsequently removed as the ODI captain.

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

A Mahila Congress leader, who is the face of the ‘Ladki Hoon, Lad Sakti Hoon’ campaign, however, has accused the party of anti-women bias after she was denied a ticket.

Advertisement