Financial Daily from THE HINDU group of publications
Wednesday, Feb 22, 2006
Financial Daily from THE HINDU group of publications Wednesday, Feb 22, 2006 |
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Markets
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Rights Issue Dolphin Medical rights issue `fully subscribed' Jayanta Mallick
Kolkata , Feb. 21 SUBSCRIPTION to the Dolphin Medical Services 3:1 rights issue at a premium of Rs 2 per share for 1,20,45,300 shares of Rs 10 each, currently on, is "almost complete", according to sources involved with the exercise. After an extension, the issue is closing on February 24. Dr G.V. Mohan Prasad, Managing Director and principal promoter of the company, told Business Line on Tuesday that the issue proceeds would be used for expansion of business. The Andhra Pradesh-based Dolphin has drawn up a growth plan to move ahead in healthcare arena. Now having a diagnostic centre at Vijayawada, it is embarking on a Rs 14.45-crore expansion plan for setting up new centres at Hyderabad and Mumbai. It is also entering the knowledge process outsourcing space, clinical trials and distribution of diagnostic equipment. It already has exclusive domestic marketing rights for a unique diagnostic tool and negotiating for some more new products. The company is also understood to have been in negotiations with Mayo Clinic of US, the University of Southern California Hospital, US, and Pantai Hospital of Malaysia and Imperial College of Science & Medicine, UK, and the National University Hospital of Singapore for strategic alliance. The company is, according to market sources, also is in an advanced stage of forming a joint venture in Ethiopia for setting up diagnostic centres there and running clinical trial business. Dr Prasad, however, declined to comment on the subject. The stock has been logging a healthy traded quantity on the BSE (it is also listed on Hyderabad and Ahmedabad SEs) of late.
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