Lotus to open eye care centres, investing Rs 55 cr

"Lotus is opening seven eye care centres in Southern India at an investment of Rs 55 crore,"  Lotus Hospital's Chairman, Dr S K Sundaramurthy, told reporters here today.     

The company is opening two primary eye care units in Bangalore and one unit in Chennai with a focus on diagnosis and dispensation of simple eye problems and optical sales.     

Besides, secondary eye care centres will be opened at R S Puram, Tirupur, and Karur and a tertiary eye care centre at Salem.     

"The entire expansion would be completed in a period of 15 months," he said. The plan also covers expansion of existing facilities.     

To part finance for the investment, Lotus is planning to bring out an IPO. "Out of the total amount needed for the expansion, Lotus will raise Rs 42 crore through the IPO," Keynote Corporate Service's, Vice-Chairman, B Madhuprasad, said.     

Keynote Corporate is the book running lead manager, Canara Bank Merchant Banking Division is the co lead manager and SKDC Consultants is the registrar to the issue.     

The issue will have 1,00,00,000 equity shares of Rs 10 each. The price band has been fixed at Rs 38 to Rs 42 per equity share.     

The IPO will open on June 12 and will close on June 17.