KIMS share price surges 4% following ₹75 crore acquisition of Visakhapatnam Hospital

KIMS said in an exchange filing that it will invest up to 75 crore to acquire 100% equity in Queen's NRI Hospital.

Vaamanaa Sethi
First Published10 Jul 2024, 05:40 PM IST
Krishna Institute of Medical Sciences (KIMS) share price rallied over 4% on Wednesday
Krishna Institute of Medical Sciences (KIMS) share price rallied over 4% on Wednesday

Shares of Krishna Institute of Medical Sciences (KIMS) surged by up to 4% on Wednesday, July 10, following the announcement of its acquisition of Queen's NRI Hospital, a multi-speciality hospital in Visakhapatnam, Andhra Pradesh, for 75 crore.

Krishna Institute of Medical Sciences Ltd (KIMS) announced in a stock exchange filing that it has signed a share purchase agreement to acquire 100 per cent equity in Chalasani Hospitals Pvt Ltd, the owner of Queen's NRI Hospital in Visakhapatnam.

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KIMS said in an exchange filing that it will invest up to 75 crore to acquire 100% equity in Queen's NRI Hospital.

Queen's NRI Hospital, established in 1995, is a 200-bed multi-specialty facility situated in a prime area of Visakhapatnam. Located in a densely populated region, the nearest hospital is approximately 5.5 km away, while the health city of New Visakhapatnam is around 17 km distant.

QNRI is a leading hospital in Visakhapatnam, particularly noted for its cardiology and comprehensive oncology services.

 

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The acquisition will enhance KIMS' operations by adding a multi-specialty hospital and gastro unit in Visakhapatnam, thereby increasing its market share, the company announced to the stock exchanges.

With the addition of QNRI Hospital, KIMS' total bed capacity in Visakhapatnam will rise to 630 beds. This marks KIMS' second acquisition in the city, following the purchase of KIMS-ICON Hospitals in 2018.

The company stated it will continue to pursue inorganic growth opportunities to strengthen its leading position in Andhra Pradesh.

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Founded by Dr. B Bhaskara Rao, Hyderabad-based KIMS Hospitals is one of the largest healthcare groups in India, offering multi-disciplinary healthcare services with a focus on affordable tertiary and quaternary care.

KIMS operates a network of 12 hospitals with a total of 3,975 beds across Telangana, Andhra Pradesh, and Maharashtra.

KIMS share price closed 3 per cent higher on Wednesday's trading session at 2,165 per share, against previous close at 2,101.90 on Tuesday.

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News in Numbers

Numbers that help you understand news better
₹295 Cr

$23 B

$65 M

3.36%

$65.47 B

$2.5 M

₹80 Cr

1.4%

₹773 Cr

₹2,705 Cr

₹1 Cr

₹14,370 Cr

₹5.74 T

First Published:10 Jul 2024, 05:40 PM IST
HomeMarketsStock MarketsKIMS share price surges 4% following ₹75 crore acquisition of Visakhapatnam Hospital

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