Medanta, the Gurgaon-based Medicity Super specialty tertiary care hospital, promoted by noted cardiac surgeon Dr. Naresh Trehan, has achieved the financial closure of a Rs 500 crore project finance. Yes Bank was the sole underwriter and mandated lead arranger for Rs 500 crore of debt. Medanta is owned by Global Health Pvt Ltd.
Four PSU Banks - Allahabad Bank, Dena Bank, Punjab & Sind Bank and State Bank of Hyderabad - and Yes Bank have participated in the debt syndication, which was completed within 60 days of its launch.
The project envisages construction of a 1,250 bed facility in Gurgaon at a total cost of Rs 932 crore to be funded at a debt-equity ratio of 1:10. The hospital is at an advanced stage of completion, which is expected to commence operations from October 1, 2009.
Dr Trehan holds 54.84% in Global Health while construction firm Punj Lloyd owns 17.2% and Avenue Capital holds 27.96%.
