Artemis Medicare Services Ltd Partners with IFC for ₹3,300 Million Funding

On April 5, 2024, Artemis Medicare Services Limited informed in an exchange filing that the company had signed definitive agreements with the International Finance Corporation to raise funds of ₹3,300 million to boost access to healthcare services and support its growth plans.

Details of the Agreement

On Friday, Artemis Medicare Services Ltd signed definitive agreements with the International Finance Corporation (IFC), a member of the World Bank Group, to raise funds of ₹3,300 million in the form of Compulsorily Convertible Debentures (CCDs).

The company intends to raise the bed capacity, introduce advanced speciality services, and improve patient care to bridge demand-supply gaps and strengthen its presence in the Delhi NCR region. Leveraging brownfield and greenfield opportunities, it aims to expedite growth and extend services to all sections of society in the coming years.

International Finance Corporation’s investment will help Artemis Medicare Services enhance healthcare accessibility and quality by supporting its growth plans in bed capacity, introducing newer medical treatment specialities, and establishing cardiac care centres in Tier 2 and 3 cities. They also aim to foster job creation and professional development in the medical field, particularly among women, driving a sector-wide shift towards more affordable and high-quality healthcare solutions in areas they are needed most.

Artemis operates a total of 713 beds primarily in the Delhi NCR region, which includes 541-bed quaternary care, super speciality hospital accredited by Joint Commission International and National Accreditation Board of Hospitals and Healthcare Providers and 5 hospitals under the Artemis Lite and Daffodils brands. The company also runs 7 centres under the Artemis Cardiac Care brand under a Joint Venture with Philips.

The company stated in the exchange filing that the transaction is subject to the approval of Artemis’s shareholders, in-principle approval from stock exchanges and fulfilment of customary closing conditions. KPMG acted as the exclusive financial advisor, and Khaitan & Co. acted as Artemis’ legal advisor.

On April 5, 2024, the share price of Artemis Medicare Services opened at ₹187.80, touching the day’s high at ₹188.15, as of 12:43 PM on the NSE.

About Artemis Medicare Services Limited

Artemis Medicare Services Ltd (AMSL) was incorporated by the promoters of the Apollo Tyres Group. The company is involved in the healthcare business.

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