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Devaki Hospital seeks SEBI exemption for open offer requirement

Our Bureau

Chennai , Sept. 30

DEVAKI Hospital's promoters wish to hike their equity holding by about 23 per cent to a total of 54 per cent of the company's capital, for which they have asked the Securities and Exchange Board of India (SEBI) to exempt them from a public offer.

The promoters currently hold about 31 per cent of the company's stake, and the aim of the additional investment is to bolster Devaki's weak financial position.

The company's shareholders on Thursday approved the promoters' move at the annual general meeting.

The takeover guidelines of SEBI stipulate a public offer to all shareholders by the promoters if they raise their stake by over 5 per cent in a year.

Devaki's attempts to increase its share capital come in the backdrop of financial difficulty.

The hospital registered a net loss of Rs 2.01 crore in 2003-04, against a loss of Rs 25.13 lakh the previous year.

The hospital is also required to make a one-time settlement of Rs 1.43 crore to a lender, Dhanalakshmi Bank.

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