KIMS HOSPITALS announces acquisition of 200-bed multi-specialty hospital in Vizag

Queen's NRI Hospital ("QNRI") is a 200-bed hospital at a prime location in Vizag. It was established in 1995 with a built-up area of around 1,50,000 Sq ft. The Hospital is in a densely populated locality with good potential. The nearest hospital is about five and a half km away, and the health city known as New Vizag is around 17 Km away from the location.

KIMS already have a multi-specialty hospital and gastro unit at Vizag and this addition will help it garner a larger share in the market. Besides the hospital is situated in a prime locality which makes it an attractive proposition.

KIMS entered into Share Purchase Agreement with the erstwhile promoters and shareholders of Chalasani Hospitals Private Limited, owners of QNRI, to purchase 100% holding in the company.

Dr. B. Bhaskara Rao, CMD, KIMS Hospitals said "This is our 2nd Hospital in Vishakapatnam (KIMS-ICON Hospitals was acquired in 2018). It underscores the tremendous opportunity we see in this city and we'll continue to look for inorganic opportunities to build on our dominant position in Andhra Pradesh. With the addition of Queens's NRI Hospital, we now have over 630 beds in Vishakapatnam to provide world class healthcare facilities."

Shares of Krishna Institute of Medical Sciences Limited was last trading in BSE at Rs. 2103.85 as compared to the previous close of Rs. 2098.00. The total number of shares traded during the day was 2234 in over 541 trades.

The stock hit an intraday high of Rs. 2113.00 and intraday low of 2094.35. The net turnover during the day was Rs. 4696253.00.

Source : Equity Bulls

Keywords

KrishnaInstituteofMedicalSciences KIMSHospitals Acquisition 200Beds MultiSpecialtyHospital Vizag QueensNRIHospital