In order to revise the changes in the shareholding pattern of the diagnostic chain, Super Religare Laboratories (SRL) has withdrawn its initial public offering (IPO) prospectus. The company has been ordered by Securities and Exchange Board of India (SEBI) to make the changes and reapply within 6 weeks.
SRL, founded by billionaire brothers Malvinder and Shivinder Singh, had filed its draft red herring prospectus (DRHP) with SEBI on February 15. In the month of April, Fortis Healthcare, also controlled by the Singh brothers received in-principle approval to acquire a strategic stake in the company. Subsequently, on May 12, Fortis completed the acquisition of 74.59% stake from the SRL promoters for Rs 803 crore. This has made Fortis the new promoter of SRL instead of the Singh brothers.
Also, two private equity (PE) companies -- Avigo Capital Partners and Sabre Partners picked up 9.27% and 4% stake, respectively in the company post the filing of the DRHP. Logos Holding, Prime Trust and Religare Group companies hold the remaining stake. Hence, the capital market regulator has asked the company to incorporate the latest changes in its shareholding pattern and file a new DRHP.
| Company Name | CMP |
|---|---|
| Apollo Hospital Ent. | 7766.40 |
| Max Healthcare Inst | 1016.10 |
| Narayana Hrudayalay | 1812.00 |
| Aster DM Healthcare | 675.00 |
| Global Health | 1102.10 |
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