The Hindu : Business : Lotus Eye Care IPO opens today

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Thursday, Jun 12, 2008
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Lotus Eye Care IPO opens today

Corporate Reporter

CHENNAI: The Coimbatore-based Lotus Eye Care Hospital is entering the capital market on Thursday (June 12) with a public issue of one crore equity shares of Rs. 10 each through the 100 per cent book building process. The issue will constitute 48.09 per cent of the fully diluted post issue paid-up equity share capital of the company. The price band has been fixed at Rs. 38-42. The issue closes on June 17.

Addressing presspersons here on Wednesday, S. K. Sundaramurthy, Chairman, Lotus Eye Care Hospital, said the Lotus, at present, had a network of two eye care hospitals at Coimbatore and one each in Salem and Tirupur.

The network had nine operation theatres and three lasik laser equipment and total bed strength of all the centres was 120 beds, excluding eye camp beds.

The Chairman said the company was planning to strengthen its presence in the South.

It would set up two primary eye care units in Bangalore and one in Chennai with a focus on diagnosis and dispensation of simple eye problems and optical sales. Further, secondary eye care centres would be opened at R.S. Puram, Tirupur and Karur and a tertiary eye care centre at Salem.

The Chairman said the company would utilise the net proceeds of the issue to part finance its Rs. 55-crore expansion plan.

The company had tied up term loans from banks for Rs. 9.99 crore and the balance Rs. 3 crore would be met through internal accruals.

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