- Manipal Health repaid Rs 5,310 crore of listed non-convertible debentures using IPO funds
- The repayment included principal, accrued interest, and applicable prepayment costs
- This move aligns with IPO objectives to reduce debt and strengthen the company’s balance sheet
Manipal Health Enterprises Ltd., which operates Manipal Hospitals, has repaid Rs 5,310 crore of outstanding listed non-convertible debentures using part of the funds raised through its initial public offering, the company said on Thursday.
The debt repayment covers the outstanding principal amount of the NCDs issued by its wholly owned subsidiary, Manipal Hospitals Pvt., along with accrued interest and applicable prepayment and early-redemption costs.
The company said the redemption was carried out in line with the stated objectives of its IPO, as outlined in the prospectus dated July 31, 2026.
The repayment is expected to reduce Manipal Hospitals' interest burden, strengthen its balance sheet and improve financial leverage, giving the healthcare provider greater flexibility to fund its expansion plans.
“The full redemption of Rs 5,310 crore of NCDs is an important milestone in our post-listing journey,” Sameer Agarwal, chief financial officer of Manipal Health Enterprises, said.
He said deploying IPO proceeds towards debt repayment would strengthen the balance sheet and create greater financial headroom for investments in capacity, technology and talent.
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The debt reduction comes after the company reported strong financial performance in the first quarter of fiscal 2027. Revenue rose 38.1% year-on-year to Rs 3,091 crore, while EBITDA increased 26.4% to Rs 749 crore. Adjusted profit after tax grew 30.9% to Rs 332 crore.
Manipal Hospitals operates a network of 50 multispecialty hospitals with more than 13,000 licensed beds across 14 states and union territories.
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