Cyril Amarchand Mangaldas (CAM) and Shardul Amarchand Mangaldas & Co (SAM) assist on Krishna Institute of Medical Sciences’ (KIMS) qualified institutional placement (QIP) of shares valued at INR15 billion (USD155 million).
CAM advised the placement agents, IIFL Capital Services and Jefferies India.
“We acted as the domestic legal counsel to the placement agents in connection with the QIP of KIMS,” said Reuben Chacko, CAM’s lead partner for the deal and regional co-head – capital markets (South).
“KIMS, Hyderabad, is one of the leading multi-speciality hospital groups with a bed capacity of over 6,500 beds offering services across 30 specialities and with a presence spanning major cities of south and western India. Given the healthcare space we had to navigate through the various regulatory regimes applicable to hospital businesses in India and that in itself was a challenging and satisfying experience for us.”
Partners Chacko and Abhyuday Bhotika led the CAM team, with support from principal associates Aniran Ghoshal and Sravya Surapaneni, senior associate designate Bhaskar Kumar, and associates Namita Kaushik, Eashaan Agrawal and Mitali Mangalam.
SAM counselled Krishna Institute of Medical Sciences on India laws. The transaction team comprised partner and national practice head – capital markets Prashant Gupta, partner Ruth Chenchiah, principal associate Ritika Khare, senior associate Anoushka PV, and associates Anaya Jain and Kunika Agarwal.
Krishna Institute of Medical Sciences provides multidisciplinary integrated healthcare services, with a focus on tertiary and quaternary care. The company operates 26 multi-speciality and super-speciality hospitals under the KIMS Hospitals brand across Telangana, Andhra Pradesh, Maharashtra, Karnataka and Kerala states.
QIP proceeds are expected to be used towards the repayment and/or prepayment of certain outstanding borrowings of the company and some subsidiaries, as well as for general corporate purposes.
