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Porinju Veliyath buys stake in Shalby

Shares of Shalby surged more than 11 per cent during the early trading session today on the back of multiple news flows about the hospital chain. Seasoned investor Porinju Veliyath acquired a stake in the company, while it was also issued with preference shares by its subsidiary.

Kochi-based investor Porinju Veliyath’s Equity Intelligence India bought 6,10,000 equity shares of Shalby at a price of Rs 117 apiece on Tuesday, according to the bulk data from National Stock Exchange (NSE). The purchase from the smallcap czar is worth Rs 71.37 crore.

In addition, Shalby’s wholly-owned subsidiary, Mars Medical Devices (MMDL), has allotted 5,00,00,000 non‐cumulative non‐convertible redeemable preference shares of the face value of Rs 10 each at a price of Rs 10 per share amounting to Rs 50 crore by way of further issue of shares, the company said in an exchange filing.

Pursuant to the aforesaid allotment, the issued, subscribed and paid‐up share capital of MMDL has increased to Rs 150 crore divided into five crore equity shares of Rs 10, each, amounting to Rs 50 crore and 10 crore preference shares of Rs 10 each amounting to Rs 100 crore.

Shares of Shalby rose as much as 11 per cent to Rs 129.95 on Wednesday, before paring up some gains to trade at Rs 126.35 at 10.30 am. The scrip had settled at Rs 117 on Tuesday. The company commanded a market cap of close to Rs 1,365 crore.

Listed in December 2017, shares of Shalby are trading about 50 per cent below its issue price of Rs 248 apiece. The scrip is down about 18 per cent in the year 2023 so far. However, it has delivered a return of 11 per cent in the last one year.

Incorporated in 2004, Ahmedabad-based Shalby is one of the leading multi-specialty chains of hospitals in India. It provides inpatient and outpatient healthcare services through fully operational hospitals. Shalby hospitals are well known for its orthopedic services.

Apart from a focus on orthopedics, Shalby hospitals provide advanced levels of care across various specialties such as neurology, cardiac care, critical care, oncology, and nephrology. It marks a presence in 5 states of the country and OPDs extended to a total of 11 states. Business Today

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