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Narayana Hrudayalaya to subscribe Rs80 crore OCDs of Shiva & Shiva Orthopaedic Hospital; stock climbs ~2.5%

The subscription of OCDs is subject to the agreement's precedent and subsequent conditions.

September 06, 2022 12:11 IST | India Infoline News Service
Narayana Hrudayalaya Limited signed an agreement on September 5, 2022, with Shiva & Shiva Orthopaedic Hospital Private Limited and its promoters to subscribe to the Company's Optionally Convertible Debentures (OCDs) in the amount of Rs80 crore.

The subscription of OCDs is subject to the agreement's precedent and subsequent conditions. NH will subscribe to the OCDs upon satisfaction of the agreement's conditions, with a closing date scheduled on or about December 31, 2022.

Narayana Hrudayalaya Limited has agreed to subscribe to 80,00,000 OCDs with a face value of Rs100 each issued by Shiva & Shiva Orthopaedic Hospital Private Limited for a total of Rs800 crore.

Narayana Hrudayalaya Limited does not hold any shares in Shiva and Shiva Orthopaedic Hospital Private Limited.

OCDs will be redeemed after four years, with the Company having the option to prepay a portion or the entire due sum at any point throughout the four-year period.

This is not a related party transaction.

At around 12.17 PM, Narayana Hrudayalaya was trading at Rs723.70 per piece, up by 2.41% from its previous closing of Rs706.70 on the BSE. The scrip touched intraday high and low of Rs747 and Rs715.50 respectively.

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