Worckhardt Hospitals IPO opens on Jan 31

Chennai, Jan 29 (UNI) Wockhardt Hospitals Limited is entering the capital market with its intial public offering of 25,087,097 equity shares of Rs ten each.

The issue would open on January 31, 2008 and close on February five, a company release here today said.The price band has been fixed between Rs 280 and Rs 310 per equity share.

It comprises a net issue to the public of 24,587,097 equity shares of Rs ten each and a reservation up to five lakh equity shares for subscription by eligible employees.

The issue would constitute 24.06 per cent of the post-issue paid up equity share capital of the company.

Of the total equity float, at least 60 per cent of the net issue would be allocted on a proporionate basis to qualified institutional buyers, out of which five per cent shall be available for allocation on a proportionate basis to mutual funds only.

Further, up to ten per cent of the net issue would be available for allocation on a proportionate basis to non-institutional bidders and up to 30 per cent of the net issue would be available for allocation on a proportionate basis to retail individual bidders.

The company intends to utilise the proceeds from the issue to meet the cost of development and construction of greenfield and brownfield hospitals, prepay some short term loans and meet general corporate expenses.

The shares were proposed to be listed on the Bombay Stock Exchange Limited and National Stock Exchange of India Limited.

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