Today on January 8, Tata Steel informed the stock exchanges regarding its 26% acquisition of stakes in Medica TS Hospital. With this, Tata Steel is the owner of a 51% stake which makes Tata the owner of Medica hospital.
The acquisition was covered by converting non-convertible debentures into equity. “Conversion of 5,102 OCD into 5,10,200 Equity Shares of ₹10/- each aggregating to ₹0.51 crore. Conversion of 4,92,298 OCD into 4,92,29,800,0.01% OCRPS of ₹10/- each aggregating to ₹49.23 crore,” the company informed in its official release.
Medica TS Hospital Pvt Ltd is a joint venture company between Tata Steel & Medica Hospitals Private Limited. The Company is operating and managing its 100-bed multi-speciality hospital established in Kalinganagar, Odisha to provide health care facilities to the general public. Medica has reported a turnover of RS 34.98 crore in FY20-21.