Medanta owner files for listing

Mumbai: Global Health, best known as the owner of Medanta, a chain of hospitals in north and east India, has sought the markets regulator’s approval for its initial public offering (IPO). As part of the IPO, Global Health, founded by Naresh Trehan, a cardiovascular surgeon, and Sunil Sachdeva, an entrepreneur, will sell new shares worth Rs 500 crore. Existing shareholders will also sell about 4.3 crore shares in the listing.

Sachdeva, who owns a 13.4% stake in Global Health, will sell 50 lakh shares in the IPO, while private equity fund Carlyle, which owns 25.7% in the hospital operator, will sell 4 crore shares. Trehan owns a 35% stake in Global Health, which commenced hospital operations in 2009, while Singaporean investor Temasek holds 17%. Global Health will use the IPO proceeds (about Rs 375 crore) to repay borrowings. As on June 30, the company had an outstanding borrowing of Rs 768 crore.