Coimbatore based Lotus Eye Care Hospital is all set to tap capital market with a public issue of 10 million equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process to raise maximum of Rs 420 million to finance its expansion plans.
The issue will open on June 12 and will close on June 17. The company has fixed the price band at Rs 38 to Rs 42 a share. The issue would constitute 48.09% of the fully diluted post issue paid-up equity capital of the company. The equity shares are proposed to be listed on Bombay Stock Exchange of India (BSE) and National Stock Exchange (NSE). Keynote Corporate Services is helping the company in the process of raising funds from the market.
This issue has been graded by Credit Analysis & Research (CARE) and has been assigned an `IPO Grade 3` indicating average fundamentals.
Of the total equity float, at least 50% of the issue shall be allocated on a proportionate basis to qualified institutional bidders (QIBs) including 5% of the QIB portion that would be especially reserved for mutual funds. Further, not less than 15% of the issue shall be available for allocation on a proportionate basis to non-institutional bidders and not less than 35% of the issue shall be available for allocation on a proportionate basis to retail individual bidders, subject to valid bids being received at or above the issue price.
Lotus Eye Care Hospital is the eye care hospital group functioning in South India with specialization in super-specialty service related to eye care. It has network of four eye care hospitals based at Coimbatore (2), Salem (1), Tirupur (1). It operates in outpatient, daycare and inpatient hospital services and retail sales in the pharmacy and optical. During the financial year 2006-2007, it reported a net profit of Rs 12.87 million on total income of Rs 72.99 million.
No comments:
Post a Comment