Cash Injection

Ceylon Hospitals Ltd., the owning company of Durdans Hospitals, got stock exchange approval Thursday to raise Rs. 240 mn through an initial public offering.
The hospital is offering 4.5 mn voting shares at Rs. 25 and 6.375 mn non-voting shares at Rs. 20 each to the public this month.rn

rnListed on the main board, Durdans will use the funds to add more floor space and upgrading equipment at the hospital.rn

rnDurdans, which was one of the first private healthcare firms to start operations in 1945, reported a post tax profit of over Rs. 60 mn during the last financial year.rn

rnDFCC Bank and Commercial Bank will act as lead managers to the issue. The issue opens on October 17.rn