KIMS Acquisition Boosts Shares, Expands Healthcare Reach in Vizag

KIMS Acquisition Boosts Shares, Expands Healthcare Reach in Vizag

KIMS Acquires 200-Bed Hospital in Vizag, Shares Surge

Shares of Krishna Institute of Medical Sciences (KIMS) witnessed a significant rise on Wednesday, reaching an intraday high of Rs 2,190.05 per share, a 4.09% increase. This surge followed the announcement of KIMS' acquisition of a 200-bed multi-specialty hospital in Vizag.

The acquisition involves QNRI, a 200-bed hospital established in 1995 and boasting a built-up area of 1,50,000 sq ft. Located in a densely populated area with high potential, QNRI is strategically positioned to cater to the healthcare needs of the local community.

This acquisition marks KIMS' second hospital in Visakhapatnam, following the acquisition of KIMS-ICON Hospitals in 2018. B Bhaskara Rao, CMD of KIMS Hospitals, emphasized the immense potential they see in the city and their commitment to exploring further inorganic growth opportunities to strengthen their dominant position in Andhra Pradesh.

With the addition of QNRI, KIMS now boasts over 630 beds in Visakhapatnam, enabling them to provide world-class healthcare facilities to a wider population. This expansion further strengthens their position as a leading provider of corporate healthcare services in India, renowned for their focus on affordable tertiary and quaternary care.

The market responded positively to the news, with KIMS' market capitalization reaching Rs 17,227.18 crore on the Bombay Stock Exchange (BSE). At the time of reporting, KIMS shares were trading 2.32% higher at Rs 2,152.65, outperforming the broader market which was trading 0.18% lower.