Vasan Health Care to go for IPO

Kozhikode, Sep 30 (UNI) Healthcare major Vasan Group of Companies would raise Rs 350 crore through Initial Public Offering (IPO) by December 2007 to support its ambitious expansion programme.

Talking to reporters here, Wasan Health Care Founder-Chairman A M Arun said the company was poised to achieve a turnover of Rs 250 crore through its expansion plans in pharmacy retail and eyecare sector.

The details of the IPO would be worked in consultation with concered groups, including lead managers.

The group proposed to start operations at Chennai, Madurai, Vellore, Kanchipuram in Tamil Nadu, Thiruvananthapuram and Kottayam in Kerala and Bangalore, Mysore and Mangalore in Karnataka by March 2007.It already had presence in Kochi, Kozhikode, Kannur, Tiruchi, Salem and Erode.

It operated a chain of retail pharmacies, multi-speciality hospital and diagnostic centres and managed joint venture hospitals under the brand name of Dr Agarwal Vasans Eye Hospital at Tiruchirapalli, Salem and Kozhikode.

He said the three joint venture hospitals would be branded as Vasan Eye Care Hospitals from October two, 2006.

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