Medanta files draft IPO papers with Sebi

Global Health Limited, which operates and manages hospitals under the Medanta brand, has filed preliminary papers with the Securities and Exchange Board of India to raise funds through an initial public offering (IPO). The IPO consists of a fresh issue of equity shares aggregating to 500 crore, and an offer for sale of up to 48.4 million equity shares, according to the draft red herring prospectus.

Global Health, which operates and manages hospitals under the Medanta brand, has filed preliminary papers with capital market regulator Securities and Exchange Board of India (Sebi) to raise funds through an initial share-sale.

The initial public offering (IPO) consists of a fresh issue of equity shares aggregating to ~500 crore, and an offer for sale of up to 4.84 crore equity shares, according to the draft red herring prospectus (DRHP).

As a part of the OFS, Anant Investments, an affiliate of private equity major Carlyle Group, will sell up to 4.33 crore equity shares and Global Health cofounder Sunil Sachdeva (jointly with Suman Sachdeva) will offload up to 5.1 million equity shares.

At present, Anant Investments holds 25.67 per cent stake in Global Health and Sachdeva owns 13.43 per cent stake in the company. Proceeds from the fresh issue will be used to pay debt and general corporate purposes.