Key Details

Background and Context

The Company issued a corrigendum to its Extraordinary General Meeting notice dated September 22, 2026, following clarifications sought by the National Stock Exchange of India Limited (NSE) regarding the proposed preferential issue. The EGM is scheduled for October 15, 2026, at 11:00 AM IST through video conferencing.

Preferential Issue Structure

The preferential issue involves:

  • Equity Shares: Up to 1,30,26,516 fully paid-up equity shares of face value ₹10 each at issue price of ₹985.17 per share
  • Aggregate Equity Consideration: ₹12,83,33,32,767.72
  • Warrants: Up to 1,89,47,664 warrants, each carrying right to subscribe to 1 equity share
  • Warrant Pricing: ₹985.17 per warrant (25% payable upfront, 75% on exercise)
  • Total Issue Size: Aggregate consideration of ₹12,833.33 crore

Warrant Tenure Clarification

The tenure of Subscription Warrants shall not exceed 18 months from date of allotment, in compliance with Regulation 162(1) of SEBI ICDR Regulations. The warrants may be exercised any time prior to 18 months. If proceeds from warrant issuance are fully utilized within 6 months, the allottee may exercise warrants within 15 months from allotment.

Use of Proceeds

The proceeds are allocated as follows:

| Purpose | Amount (₹) | Utilization Period |

| Expansion and development of hospital network and infrastructure or expenditure requirements of Company and its subsidiaries (including investment in subsidiaries) | 13,12,50,00,227.58 | 3 years from allotment of Subscription Shares and Subscription Warrants |

| Expansion and development (continued) | 10,50,00,01,955.37 | 3 years from exercise of Subscription Warrants |

| Other general corporate purposes | 4,37,50,00,075.86 | 3 years from allotment of Subscription Shares and Subscription Warrants |

| Other general corporate purposes (continued) | 3,50,00,00,651.79 | 3 years from exercise of Subscription Warrants |

Expansion Strategy

The Company may undertake expansion through:

  • Direct acquisition of equity stake in target companies
  • Joint ventures or strategic partnerships with established players
  • Medical service agreements/O&M agreements
  • Asset purchase or business transfer
  • Combination of the above approaches

Pricing Methodology

The issue price of ₹985.17 was determined based on the higher of:

  • ₹870.32 - 90-day VWAP on NSE preceding Relevant Date
  • ₹984.70 - 10-day VWAP on NSE preceding Relevant Date
  • ₹900.60 - Fair value determined by independent registered valuer
  • Floor price under Articles of Association (no separate requirement prescribed)

Valuation Reports

The Company obtained two valuation reports dated September 17, 2026:

1. From Abhinav Agarwal, Registered Valuer (IBBI/RV/06/2019/12564) for SEBI ICDR Regulations compliance

2. From RS Grover and Associates, Chartered Accountants (FRN: 043012N) for FEMA compliance

Monitoring Agency

CRISIL Ratings Limited appointed as monitoring agency to oversee use of proceeds until 100% utilization, as required by Regulation 162A of SEBI ICDR Regulations for issues exceeding ₹100 crore. The agency will submit quarterly reports in Schedule XI format.

Deviation Allowance

The allocation of proceeds may vary by ±10% across objects as permitted by NSE and BSE circulars dated December 13, 2022. Any deviation shall be used only towards the stated objects inter-se and not for general corporate purposes.

Interim Use of Funds

Pending utilization, proceeds may be invested in money market instruments, debt market instruments, or deposits with scheduled commercial banks as permitted under applicable laws.