Dr. Agarwals Healthcare raises Rs. 270 crore from Temasek
Dr. Agarwal’s Healthcare Ltd. (DAHCL) plans to double the number of super-speciality eye hospitals over the next five years.
As a part of the expansion plan, company has raised Rs. 270 crore from the Singapore-headquartered global investment company Temasek.
The investment will be used for expansion and investments in latest technology, the management said. Currently, DAHCL has 76 hospitals in 10 states and African nations. It is planning to add another 75 eye hospitals in three phases. In the next 15 months, it will add 25 hospitals, followed by another 25 each in three years and five years, respectively.
Since 2016, the company has raised Rs. 700 crore for expansion programme. From a single hospital in 2006, it has added 75 hospitals in 10 years. The company needs about Rs. 5 crore per hospital. The current funding will enable it to take care the financial needs of 50 hospitals. It also has internal accruals.
According to management, the expansion would be done through organic and inorganic route via a mix of strategic partnerships, acquisitions and greenfield hospitals.
On Thursday, the stock opened at Rs. 380 per share and touched a high/low of 391/380 per share. The stocks gained 4 per cent to close at Rs. 390 per share on BSE.