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Shalby jumps after board OKs reduction of promoter holding

Capital Market 

Shalby surged 11.24% to Rs 89.05 after the company's board approved to reduce promoters' shareholding in the company to 75% from 79.45%.

Shalby's board on Monday (28 September) passed an enabling resolution to to reduce the promoters' holding from the current 79.45% to 75% and to increase public shareholding to at least 25%.

The board also approved to raise upto Rs 117.01 crore via through issue of equity shares, other convertible securities/warrants/Global Depository Receipts/American Depository Receipts/any other financial instruments/securities convertible into and/or linked to equity shares or a combination thereof.

The company has constituted fund raising committee with Dr. Vikram Shah, the company's CMD, as the chairperson of the committee. Sujana Shah (independent director) and Shyamal Joshi (non‐executive and non‐independent director) would be the members of the fund raising committee.

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.

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.

In the past six months, the stock has zoomed 90.17% while the benchmark S&P BSE Sensex gained 27.27% during the same period.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, September 29 2020. 10:56 IST