Manipal Health moves closer to Rs 10,000-cr IPO after Sebi nod

Mumbai: Temasek-backed Manipal Health Enterprises has secured approval from the Securities and Exchange Board of India (Sebi) to move ahead with its proposed initial public offering, as per an update on the regulator's website. It had filed draft papers in March to raise up to $1.2 billion (around ₹10,000 crore). The IPO will include a mix of fresh issue of shares and an offer-for-sale by existing shareholders.

From the fresh issue proceeds, about ₹5,378 crore will be used to repay borrowings of its subsidiary, Manipal Hospitals, while ₹574 crore will go towards acquiring a stake in Sahyadri Hospitals.