IPO funds would be used for payment of debts, towards corporate purposes: Dr Agarwals
Dr Agarwals Eye Hospital would utilize the funds raised through the forthcoming Initial Public Offering for payment of debts and to meet some general corporate purposes, an official said. The city-headquartered company, backed by Temasek Holdings and TPG is proposing to raise an aggregate of Rs 3,027.26 crore through its maiden IPO to open from January 29 to 31 at a price band of Rs 382 to Rs 402 per share.
The public issue would be a combination of a 'fresh issue' of up to Rs 300 crore and an Offer for Sale of up to 6.78 crore equity shares worth Rs 2,727.26 crore by promoters and other shareholders.
Briefing reporters here, the hospital's CEO Adil Agarwal said the aggregate size of the IPO is Rs 3,027.26 crore out of which Rs 300 crore would go into the company to reduce the debts.
«Through the proceeds from its fresh issuance to the extent of Rs 195 crore will be utilised for repayment or prepayment in part or full of certain of its borrowings, and the balance proceeds raised will be utilised for general corporate purposes and unidentified inorganic acquisitions» he said.
To a query, he said the current debt of the company stood at Rs 373 crore.
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