Wockhardt Hospital will raise Rs 800 crore through an initial public offering (IPO) of over 2.5 crore equity shares of Rs 10 each, representing 24% of its post-issue capital. The company has lowered the price band of its initial public offering to Rs 225-260 per equity share. The revision has been done in the light of current market conditions, the company said in a press release. The company had earlier fixed the price band for its IPO at between Rs 280-310 per equity share.
The issue will open for subscription on 31 January 2008 and close on 5 February 2008.
The issue proceeds would be used to set up 17 new hospitals by 2010 and also repay debt. Post public issue, the promoters will have around 71% stake in the company.
The company would set up 17 new hospitals across the country by 2010 through green field (6) and brown field (11) projects to take the total number of its healthcare facilities to 32 by 2010.
The new hospitals would be set up in Mumbai, Delhi, Bangalore and Kolkata, while the brownfield hospitals would come up in tier-II cities like Goa, Bhopal, Bhavnagar, Nashik, Ludhiana, Jabalpur, Bhuj, Patna, Hubli and Varanasi.
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