Global Health IPO initial paperwork filed with SEBI; check offer details here

Global Health Limited, which operates and maintains hospitals under the Medanta brand, has filed preliminary paperwork with the capital market regulator SEBI to acquire funds through an initial public offering (IPO), as per a PTI report on September 30. According to the initial red herring prospectus, the initial public offering will include a fresh issue of equity shares worth Rs 500 crore and an offer for sale of up to 4.84 crore equity shares (DRHP). The proceeds of the new offering will be used to pay off debt and for other company reasons.

Anant Investments, a Carlyle Group affiliate, would sell up to 4.33 crore equity shares as part of the OFS. Global Health co-founder Sunil Sachdeva, jointly with Suman Sachdeva, will sell up to 51 lakh equity shares. Anant Investments currently owns 25.67% of Global Health, while Sachdeva owns 13.43% of the firm. The book running lead managers for the IPO are Kotak Mahindra Capital Company, Credit Suisse Securities (India), Jefferies India, and JM Financial.

Global Health IPO initial paperwork filed with SEBI 

Global Health is a significant private multi-speciality tertiary care provider in India's north and east regions, founded by Naresh Trehan, a prominent cardiovascular and cardiothoracic surgeon. Global Health, which is sponsored by private equity firms like Carlyle Group and Temasek, runs a network of four Medanta hospitals in Gurugram, Indore, Ranchi, and Lucknow. In addition, one hospital is being built in Patna, and another is being planned in Noida. Between FY21 and FY25, the Indian healthcare delivery business is expected to grow at a steady 15-17%, owing to pent-up demand, strong fundamentals, rising affordability, and the Ayushman Bharat Yojana. Furthermore, the country's bed density per 10,000 people is just 15 beds, which is lower than the global average of 29 beds.

Union Minister Piyush Goyal approves Export Credit Guarantee Corporation of India IPO

Union Minister Piyush Goyal approved the initial public offering of the Export Credit Guarantee Corporation of India (ECHC) on the stock exchange on Wednesday. Under the leadership of PM Modi, the government has undertaken a series of initiatives to boost the exports sector, Goyal said at a press conference. In line with this, the government has approved a Rs 4,400 crore capital infusion to ECGC Ltd., previously known as Export Credit Guarantee Corporation of India Ltd., during a five-year period, from FY 2021-2022 to FY 2025-2026. The approved infusion, combined with efforts to synchronise with ECGC's initial public offering listing procedure properly, will strengthen ECGC's underwriting ability to support further exports. ECGC was founded by the Government of India under the Companies Act in 1957 to boost exports by providing credit insurance services to exporters against non-payment risks by overseas buyers owing to economic and political reasons, according to the Cabinet Committee on Economic Affairs (CCEA).

ECGC's role in exports of India

The ECGC plays a larger role in boosting labour-intensive exports and encouraging bank funding to small exporter firms, resulting in their resurrection. ECGC will be able to expand its coverage to include export-oriented industries, particularly those that are labour-intensive. The authorised money would be infused in instalments, expanding the capacity to underwrite risks up to Rs 88,000 crore and allowing ECGC to provide coverage that can support an extra Rs 5.28 lakh crore in exports over a five-year period, in keeping with the current pattern.

With inputs from ANI and PTI

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