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Wockhardt Hospitals Grand Plan
Wockhardt Hospitals plans to mop up between Rs 800 crore and Rs 1,000 crore through an initial public offering during the current financial year.
The company, which had filed its draft red herring prospectus on August 23 to offer 30 crore shares of Rs 10 each, will use the proceeds to fund its ongoing expansion plan that includes setting up super speciality hospitals in Calcutta, Delhi, Mumbai and Kalyan. The company is building a 350-bed hospital near Calcutta's EM Bypass on a 3,50,000 sq ft area. "The construction of the super speciality hospital has already started and will be completed in 12 months," said chairman Habil F. Khorakiwala. By pardeep3dec, Section Development In Bihar Posted on Sat Sep 15, 2007 at 03:56:51 AM EST
"We are planning to build a few more hospitals in the eastern region, in places such as Orissa, Bihar, Guwahati and other northeastern states," Khorakiwala added.
The company is also eyeing second tier towns such as Surat, Madgaon in Goa, Bhopal, Nashik, Nagpur and Bhavnagar, where it plans to expand by acquiring existing facilities. The company will add 12 hospitals to its existing eight super speciality hospitals and four regional speciality intensive care unit hospitals by 2009-end. The hospitals now have 1,090 beds. The company hopes to have 1,798 new beds by March 31, 2009. The total expansion cost is estimated at Rs 617 crore. For the year ended March 31, 2007, Wockhardt Hospitals reported a total income of Rs 236.7 crore and a net profit of Rs 15.54 crore. Its income during the quarter ended June this year was Rs 77.5 crore and net profit, Rs 1.15 crore. The company is also considering a pre-IPO private placement of up to 7.5 lakh shares. The public offer will constitute 28.77 per cent of the company's paid-up equity capital after the issue. Source: The Telegraph, 15th Sep,2007
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