Financial Daily from THE HINDU group of publications
Friday, Oct 01, 2004

News
Features
Stocks
Cross Currency
Shipping
Archives
Google

Group Sites

Markets - Public Offer


Devaki Hospital seeks SEBI exemption for open offer requirement

Our Bureau

Chennai , Sept. 30

DEVAKI Hospital's promoters wish to hike their equity holding by about 23 per cent to a total of 54 per cent of the company's capital, for which they have asked the Securities and Exchange Board of India (SEBI) to exempt them from a public offer.

The promoters currently hold about 31 per cent of the company's stake, and the aim of the additional investment is to bolster Devaki's weak financial position.

The company's shareholders on Thursday approved the promoters' move at the annual general meeting.

The takeover guidelines of SEBI stipulate a public offer to all shareholders by the promoters if they raise their stake by over 5 per cent in a year.

Devaki's attempts to increase its share capital come in the backdrop of financial difficulty.

The hospital registered a net loss of Rs 2.01 crore in 2003-04, against a loss of Rs 25.13 lakh the previous year.

The hospital is also required to make a one-time settlement of Rs 1.43 crore to a lender, Dhanalakshmi Bank.

More Stories on : Public Offer | Consulting

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



Stories in this Section
Bank of India to merge MF arm with itself


Kotak Mahindra to roll out Rs 250-cr pvt equity fund
Exchanges, MF trustees must file returns before June 30
New STT regime comes into effect
Bull domination
CSE fiat on transaction tax
FIIs net sellers in derivatives in last 5 sessions
Reprieve for auto stocks
MosChip to hike authorised capital
Markets propped up by GDP data
GIPCL appoints merchant bankers for public issue
Devaki Hospital seeks SEBI exemption for open offer requirement
Ministry gets CLB nod for probe into Ketan Parekh cos



The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line