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- By Vaamanaa Sethi
- Fri, 04 Aug 2023 05:40 PM (IST)
- Source:JND
Tata Healthcare Fund has acquired 10.8% stake in Sakar Healthcare under preferential allotment of equity shares. Sakar Healthcare informed Indian stock market exchanges about the company’s decision to raise nearly ₹60 crore via allotment of over 23 lakh equity shares at an issue price of ₹259.75 per equity share on a preferential basis.
"Board has approved the execution of a share subscription agreement dated August 3, 2023 between the Company, Tata Capital Healthcare Fund II (acting through its trustee Tata Trustee Company Private Limited) and the promoters listed in Annexure B ("SSA")pursuant to which, the Company has agreed to issue 23,09,910 Equity shares as part of the Preferential Issue, subject inter alia to fulfillment of the conditions precedent set out in the SSA,” Sakar Healthcare said in its filing.
It further added, “Subject to the approval of members / shareholders of the Company and such other regulatory/governmental authorities as may be required, the Board has approved to create, offer, issue and allot up to 23,09,910 Equity shares of face value of no/- (Rupees Ten Only) each at an issue price of ~259.75/- per equity shares on a preferential basis through private placement (''Preferential Issue") to the persons/proposed allottee belonging to Non Promoter Category, in accordance with the provisions of the Companies Act, 2013 and the rules made there under, Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("SEBI ICDR Regulations"), SEBI LODR Regulations and on such terms and conditions as maybe determined by the Board."
The company will be using the funds to reduce debt and augment capacity addition plans for future growth.
The shares of Sakar Hospitals opened upside and went on to hit intraday high of ₹310 apiece on NSE, touching a new life-time high during early morning deals on Friday.
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Sakar Hospitals are one of the multibagger stocks that the Indian stock market has witnessed post Covid-19. In the last three years, Sakar Healthcare share price has ascended from around ₹50 apiece levels to ₹272 perpiece levels, delivering to the tune of 450% return to its positional long term shareholders in this time.
