The second largest hospital chain Fortis Healthcare said it planned to file the draft prospectus for Super Religare Labs (SRL) IPO by June. “We have no plans to rebrand SRL under the Fortis umbrella as of now,” Chief financial officer Yogesh Sareen said in a conference call.
SRL withdrew its IPO prospectus, after an order from the Securities and Exchange Board of India (Sebi) to do so, since the shareholding pattern of the diagnostic chain had changed.
Fortis Healthcare plans to add 1000 beds by March 2012, and has earmarked R 400 crore as capex in financial year 2012.
Fortis Healthcare’s consolidated net profit rose by 8.09% to R29.39 crore for the fourth quarter ended March 31,2011.
In the corresponding period previous fiscal the company’s consolidated net profit was R27.19 crore, Fortis Healthcare said in a filing to the Bombay Stock Exchange (BSE). Total income of the company for the quarter ended March 31, 2011 stood at R415.62 crore as against R329.52 crore in the same period last fiscal. In FY11, the company posted consolidated net profit of Rs 124.36 crore over Rs 69.48 crore for the previous fiscal. Total income of the company stood at R 1,482.82 crore for the financial year ended March 31,2011 as against R937.94 crore for the year ended March 31, 2010.Shares of Fortis Healthcare closed at R160.60 on BSE, up 1.94 % from its previous close even as results were announced after the closing hours.SRL, founded by billionaire brothers Malvinder and Shivinder Singh, had filed its draft red herring prospectus (DRHP) with Sebi on February 15.
In April, Fortis Healthcare, also controlled by the Singh brothers, received in-principle approval to acquire a strategic stake in SRL. On May 12, Fortis completed the acquisition of 74.59 % stake from the SRL promoters for Rs 803 crore. This has made Fortis the new promoter of SRL instead of the Singh brothers.