Manipal Hospitals uses IPO proceeds to repay Rs 5,310 cr debt | India Business News

BENGALURU: Manipal Hospitals has repaid Rs 5,310 crore of debt using proceeds from its recent IPO, completing one of the key uses of funds outlined in its offer documents.The hospital chain said on Friday that it fully redeemed listed non-convertible debentures (NCDs) worth Rs 5,310 crore issued by its wholly owned subsidiary, Manipal Hospitals.The repayment includes the outstanding principal, accrued interest and applicable prepayment or early-redemption costs. Manipal had said in its July 31 IPO prospectus that part of the money raised from the public issue would be used to repay the NCDs.The repayment is expected to reduce the company’s interest costs and debt burden following its listing.“The full redemption of Rs 5,310 crore of NCDs is an important milestone in our post-listing journey,” said Sameer Agarwal, chief financial officer of Manipal Health Enterprises. He said the lower debt would give the company greater flexibility to invest in capacity, technology and talent.Manipal Health reported revenue of Rs 3,091 crore in the first quarter of FY27, up 38.1% from a year earlier. EBITDA rose 26.4% to Rs 749 crore, while profit after tax stood at Rs 243 crore. Adjusted profit after tax rose 30.9% to Rs 332 crore.