Artemis Medicare Services to raise Rs 330 cr from IFC

PTI | New Delhi | Updated: 05-04-2024 14:20 IST | Created: 05-04-2024 14:20 IST
Artemis Medicare Services to raise Rs 330 cr from IFC
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Artemis Medicare Services Ltd on Friday said its board has approved raising Rs 330 crore from International Finance Corporation through a preferential issue of unsecured compulsorily convertible debentures on a private placement basis.

The company's board of directors at its meeting on Friday, approved the issuance of up to 33,000 fully-paid unsecured compulsorily convertible debentures (CCDs) to International Finance Corporation (IFC) by way of a preferential issue on a private placement basis for raising up to Rs 330 crore, Artemis Medicare Services said in a regulatory filing.

The CCDs shall be convertible into equity shares of the company having a face value of Re 1 each, in one or more tranches, within a period of up to 18 months from the date of allotment, at a conversion price of Rs 174.03 per equity share, it added.

It further said the total number of equity shares to be issued pursuant to conversion of all CCDs shall not exceed 1,89,62,247 equity shares of the company.

The board has also approved execution of the subscription agreement (SA) and policy rights agreement (PRA) with IFC, which will provide the latter the ability to communicate with the auditor jointly with the company, subject to the restrictions under applicable laws, the filing said.

Artemis, which operates a total of 713 beds predominantly in the Delhi NCR region, said it plans to utilise the funds to boost access to healthcare services and support its growth plans.

''IFC's investment will help the company improve healthcare accessibility and quality by supporting its growth plans in bed capacity, introducing newer medical treatment specialities, and establishing cardiac care centers in Tier 2 and 3 cities,'' it said.

Further, the company said it aims to increase bed capacity, introduce advanced speciality services, and enhance patient care to bridge demand-supply gaps and bolster its presence in Delhi NCR. Leveraging brownfield and greenfield opportunities, it aims to expedite growth and extend services to all sections of society in the coming years.

Artemis Medicare further said its board has also recommended the fixation of tenure of its Chairman and Non-Executive Director Onkar Kanwar for a period of five years with effect from May 3, 2024, to the shareholders for their approval by special resolution.

The board has approved convening of an extraordinary general meeting on May 3, 2024 for seeking shareholders' approval for the preferential issue, grant of special rights to IFC and fixation of tenure of Kanwar.

KPMG acted as the exclusive financial advisor and Khaitan & Co acted as the legal advisor to Artemis, the company said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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