Business Daily from THE HINDU group of publications
Saturday, Jan 26, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Saturday, Jan 26, 2008 ePaper | Mobile/PDA Version |
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Corporate
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Outlook Markets - IPOs Our Bureau Kolkata, Jan. 25 The fluctuations in the share markets notwithstanding, the initial public offering (IPO) of Wockhardt Hospitals Ltd will open as scheduled on January 31 “as of now”. The company management, however, has not ruled out the possibility of postponing the issue “in the best interests of shareholders”. The healthcare services company is scheduled to enter the capital market on January 31 with an IPO of 25,087,097 equity shares of the face value of Rs 10 each for cash at a price to be determined through a 100 per cent book building process. The price band of the IPO has been fixed between Rs 280 and Rs 310 per share. The issue closes on February 5. The issue constitutes 24.06 per cent of the post-issue paid-up equity share of the company. Rs 800-cr mop-upThrough the IPO, Wockhardt hopes to raise about Rs 800 crore. The funds raised will be used to meet the cost of development of greenfield and brownfield hospitals and to repay some of the short-term loans of the company, among other things. Speaking to newspersons here today, Mr Anil V. Kamath, Managing Director of Wockhardt Hospitals, said no decision had been taken to postpone the IPO in view of the prevailing situation in the stock markets. “Markets being markets, the price movement of shares on the stock exchanges cannot be predicted. We are on at this point in time. “Whatever decision is taken by the company’s board will be in the best interests of shareholders,” he told reporters in response to a specific query on whether there was any possibility of the IPO being postponed in view of the fluctuations on the nation’s bourses. Wockhardt Hospitals plans IPO More Stories on : Outlook | IPOs | Medical Institutions & Hospitals
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