Data is not available for this company.
Data is not available for this company
Core Healthcare (CHL) was incorporated in the year 1985 and was founded by Sushil Handa and Sunil Handa, as a fluids company with a capacity of 6 million units per year and an investment of Rs 4.5 crore.
In 1988, it tapped the capital markets with an IPO of Rs 36 lakh and a second offering of Rs 19 crore partly convertible debentures in 1992 to fund its expansion plans. It also issued global depository receipts (GDRs) of around Rs 80 crore in 1994 at the Luxemburg Stock Exchange.
The company is into manufacture and distribution of intravenous solutions, injectibles, medical disposables and tablets.
ARCIL a securitisation and reconstruction company acquired 60% (Rs 380 crore) of CHL's total borrowing of Rs 650 crore in 2003.
In the year 2004, almost eight years after it landed in debt, CHL finally found a buyer for its intravenous (IV) fluids and medical devices business in Nirma Limited. The deal for the sale of CHL's assets and liabilities was wrapped up with a Memorandum of Understanding (MoU) being signed between Nirma and the Asset Reconstruction Company (India) Ltd (ARCIL)
In the scheme of arrangement of the demerger of Core Healthcare with Nirma Ltd, the company made a compromise and arrangement with its lenders with effect from the Appointed Date for Reconstruction i.e., November 30, 2004. This was in consideration for the transfer of and vesting of the assets and liabilities of demerged undertaking of the company into Nirma, one equity share of Re 1 each of Nirma were issued for 16 equity shares of Rs 10 each fully paid up held in CHL.
The companyâ€™s pharmaceutical possession, which was taken over by ARCIL in July 2005, had issued a notice for sale of assets of this plant by March 2007.
The company was ordered to wind up its business on June 24, 2009.
In 2012 CORE Health Care recognized as one of the Top Workplaces in 2012 by the Austin American Statesman.