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KIMS stock zooms 4% on acquiring 200-bed multi-specialty hospital in Vizag

The uptick in stock price came after KIMS announced that it has entered into a definitive agreement for acquisition of a 200-bed multi-specialty hospital at a prime location in Vizag

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SI Reporter New Delhi

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KIMS in focus: Shares of Krishna Institute of Medical Sciences (KIMS) soared as much as 4.09 per cent to hit an intraday high of Rs 2,190.05 per share on Wednesday.

The uptick in stock price came after KIMS announced that it has entered into a definitive agreement for acquisition of a 200-bed multi-specialty hospital at a prime location in Vizag.

KIMS entered into Share Purchase Agreement (SPA) with the erstwhile promoters and shareholders of Chalasani Hospitals Private Limited, owners of QNRI, to purchase 100 per cent holding in the company, according to a statement.

Established in 1995, Queen's NRI Hospital (QNRI) is a 200-bed hospital in Vizag. It has a built-up area of around 1,50,000 Sq ft. The Hospital is in a densely populated locality with good potential. 

The nearest hospital is about five and a half km away, and the health city known as New Vizag is around 17 Km away from the location, KIMS revealed. 

B Bhaskara Rao, CMD, KIMS Hospitals said “This is our 2nd Hospital in Visakhapatnam (KIMS-ICON Hospitals was acquired in 2018). It underscores the tremendous opportunity we see in this city and we’ll continue to look for inorganic opportunities to build on our dominant position in Andhra Pradesh. With the addition of Queens’s NRI Hospital, we now have over 630 beds in Vishakapatnam to provide world class healthcare facilities.” 

KIMS Hospitals, founded by B Bhaskara Rao and headquartered in Hyderabad, is a prominent name in the healthcare sector. It operates a vast network of 12 hospitals with 3,975 beds across Telangana, Andhra Pradesh, and Maharashtra, offering a wide range of healthcare services in over 40 specialties. 
Their latest addition, a gastro unit in Vizag, strategically located in a prime area, enhances their market presence and attractiveness. 

KIMS Hospitals is renowned for its focus on tertiary and quaternary healthcare at affordable costs, solidifying its position as a leader in corporate healthcare services in India.

The market capitalisation of KIMS is Rs 17,227.18 crore, according to Bombay Stock Exchange (BSE). 

At 9:53 AM, shares of KIMS were trading 2.32 per cent higher at Rs 2,152.65. In comparison, BSE Sensex was trading 0.18 per cent lower at 80,204.93 levels.

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First Published: Jul 10 2024 | 10:02 AM IST

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