Shalby jumps as board to mull options to pare promoter stake

Shalby rose 2.44% to Rs 75.45 after the company said its board will meet on 28 September 2020 to discuss various options to reduce promoters shareholding in the company to 75% from the current 79.45%.

As per Sebi regulation, promoters of the listed companies are required to bring their shareholding down to 75%.

Shalby said its promoters may consider various options for reducing stake including preferential issues, private placements, qualified institutions placement or rights issue, or through any other permissible mode or any combination thereof of any of the above.

The scrip has soared 88.38% from its 52-week low of Rs 40.05 hit on 24 March 2020.

On a consolidated basis, Shalby reported net loss of Rs 8.70 crore in Q1 June 2020 compared with net profit of Rs 23.62 crore in Q1 June 2019. Net sales slumped 70.8% to Rs 38.44 crore in Q1 June 2020 over Q1 June 2019.

Shalby operates a multi-specialty chain of hospitals. Its hospitals are tertiary care hospitals, which offer quaternary healthcare services. It provides services to a range of specialization, including orthopaedics, complex joint replacements, cardiology, neurology, oncology and renal transplantations. The firm focuses on focus on Tier-I and Tier-II cities.

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