Mumbai: Temasek-backed Manipal Health Enterprises has secured approval from the Securities and Exchange Board of India (Sebi) to move ahead with its proposed initial public offering, as per an update on the regulator's website. It had filed draft papers in March to raise up to $1.2 billion (around ₹10,000 crore). The IPO will include a mix of fresh issue of shares and an offer-for-sale by existing shareholders. From the fresh issue proceeds, about ₹5,378 crore will be used to repay borrowings of its subsidiary, Manipal Hospitals, while ₹574 crore will go towards acquiring a stake in Sahyadri Hospitals.
Manipal Health moves closer to Rs 10,000-cr IPO after Sebi nod
Manipal Health Enterprises has received Sebi approval for its initial public offering. The company plans to raise approximately ten thousand crore rupees through this offering. A significant portion of the funds will repay subsidiary borrowings. Another part of the proceeds will fund a stake acquisition. This move signals a major step for the healthcare provider's expansion plans.
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