Medi Assist Healthcare Services Limited has informed the Exchange about raising of funds by way of issue of equity shares through preferential allotment on a private placement basis
MEDIASSIST · price
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Medi Assist Healthcare Services has approved raising up to Rs. 198 crores by issuing up to 37,01,000 equity shares through a preferential allotment on a private placement basis. The shares will be issued at Rs. 535 per share, which includes a premium of Rs. 530 over the face value of Rs. 5, to two qualified institutional buyers — Massachusetts Institute of Technology (MIT) and 238 Plan Associates LLC. Post-allotment, MIT will hold 3.89% and 238 Plan Associates will hold 1.09% in the company, both being fresh investors with no prior stake. The proposal is subject to shareholder approval at an upcoming EGM and other regulatory clearances. A Fund Raise Committee has also been constituted to oversee the process.
The fundraise brings in a globally reputed name like MIT as an investor, which is a strong vote of confidence in the business and could boost sentiment. However, existing shareholders will see their stake diluted by approximately 5% once the shares are allotted.