GIC to pump $100m in Vasan Healthcare
Jul 27 2011 , Chennai
According to a person, privy to the development, GIC is expected to make the investment in tranches. The fast-growing daycare services company had an early stage funding of $50 million from Sequoia Capital India. The pre-IPO placement will be used to fund the company's growth plans till March 2012.
Vasan Healthcare has chalked out a fast and aggressive growth plan, which includes taking the number of eye care clinics from 80 to 125 and dental centres from 12 to 25 before September this year.
Before March 2013, the number of centres will be doubled to 250 and 50 respectively, AM Arun, chairman of Vasan Healthcare had told Financial Chronicle recently. The company is also launching other daycare specialties like skin-care, in-vitro fertilization, urology and diabetes care.
Vasan also wants to hit the primary market at a later stage. The company wanted to raise a total of Rs 800 crore for its capital requirement and after the pre-IPO placement, it will take a call on the stake dilution through IPO at a later stage.
The company, which started from a small medical shop at Trichy in Tamil Nadu, took to aggressive expansion in 2002 by opening an eye care clinic. In 2007, it acquired Prem's Eye clinic and entered Chennai.
In one year, it had 25 eye care hospitals.