Manipal Health Enterprises (Manipal Hospitals) has fully redeemed the outstanding listed non-convertible debentures (NCDs) of nominal value Rs 5,310 crore issued by its wholly owned subsidiary, Manipal Hospitals Private Limited. The redemption was undertaken using the relevant portion of the IPO proceeds, in accordance with the objects of the Initial Public Offering disclosed in the Prospectus dated July 31, 2026.
The redemption includes the outstanding NCD principal, along with accrued interest and applicable prepayment/early redemption costs.
Sameer Agarwal, Chief Financial Officer, Manipal Health Enterprises Limited, said, “The full redemption of Rs 5,310 crore of NCDs is an important milestone in our post-listing journey. By deploying the IPO proceeds towards debt repayment as planned, we are strengthening our balance sheet, reducing our interest burden and creating greater financial headroom to support our growth plans. This gives us greater flexibility to continue investing in capacity, technology and talent while remaining focused on delivering quality and affordable healthcare.”
Following the redemption, the company said the debt reduction will lower its outstanding NCD obligations and interest burden. The transaction was undertaken in line with the stated objects of the IPO.
The announcement follows Manipal Health’s Q1 FY27 performance, with revenue growing 38.1 per cent year-on-year to Rs 3,091 crore and EBITDA rising 26.4 per cent to Rs 749 crore. PAT stood at Rs 243 crore, while adjusted PAT grew 30.9 per cent to Rs 332 crore.
The redemption is in line with the stated objects of the IPO and forms part of the company’s capital allocation following the listing.