Notes from ICRA credit report:
Shalby has acquired 87.26% stake from the founders of PK healthcare pvt ltd(PKHPL).
PKHPL owns Sanar international hospital , Gurugram spread over 1.27 acre plot taken on lease basis.
Current capacity is 130 beds which can be expanded to 180 beds.
70% of business from international markets.
Sanar hospital offers specialties like Oncology, Cardiac, Transplant services, neuro , Bone & joint surgeries.
Turnover last 3 years:
FY21: Nil
Fy22:1.7 Cr
Fy23:67.7Cr.
Cost of acquisition for 87% stake is Rs. 102 Cr.
40-45 Cr of net debt on books of PKHPL which leads to net debt of ~140 Cr for Shalby.
Even though current bed capacity is 130 beds, only 50 beds were operational(not official information)
Considering the valuation per bed of other hospital in the region, this looks like decent acquisition. Shalby must be planning to target international patients through this acquisition.
Diclosure: Buying during last few days…no meaningful allocation in PF as of now.
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