Gurgaon based Global Health Ltd. which operates and manages hospitals under its flagship Medanta brand and Clinical research organisation Veeda Clinical Research has managed to receive market regulator SEBI’s green signal to raise funds through an initial public offering (IPO).
The companies have filed their preliminary papers with SEBI in September this year and obtained the observations of the market regulator on December 21, an update with the regulator showed on Monday. In a letter, SEBI expressed, “With the issuance of the observations earlier hereby gives the go-ahead for the IPO.”
According to the draft papers of Global Health’s IPO consists of a fresh issue of equity shares worth Rs 500 crore and an offer for sale (OFS) of up to 4.84 equity shares. As part of the offer for sale, Anant Investments an affiliate company of US-based Carlyle Group will sell up to 4.33 crore equity shares and Global Health’s co-founder Sunil Sachdeva and his wife Suman Sachdeva will sell up to 51 lakh equity shares.
The company intends to utilise the net proceeds from the issue will be used for debt repayment and general corporate purposes. Veeda Clinical Research which offers clinical, preclinical and analytical services to support generic drug manufacturers files its preliminary papers with SEBI to raise Rs 831-crore through an initial public offering.
The Company will issue fresh equity shares worth up to Rs 331.60 crore and an OFS of Rs 500 crore by promoters and its existing stakeholders. Its existing investors are also participating in OFS include CX Alternative Investment, Arabelle Financial Services, Bondway Investment, Stevey International Corporation and Basil Private Limited.
The company will use the net proceeds from the issue for debt repayment, funding its capital expenditure, acquisition of its subsidiary Bioneeds India, funding working capital requirements and general corporate purposes.