Shares of Krishna Institute Of Medical Sciences Ltd (KIMS) rallied 4% and hit an intraday high of Rs 2,190.05 after the company announced that they have signed a definitive agreement to acquire a 200-bed multispecialty hospital at a prime location in Vizag.

KIMS executed a Share Purchase Agreement (SPA) with the promoters and shareholders of Chalasani Hospitals Private Limited, the previous owners of QNRI, to purchase a 100% shareholding in the company.
 
Established in 1995, Queen’s NRI Hospital (QNRI) is a 200-bed hospital situated in Vizag. It is roughly 1,50,000 square feet in built-up space. Situated in a densely populated and promising neighbourhood.  

The area is around 17 km from the health city of New Vizag and 5 and a half km from the nearest hospital, according to KIMS.

B Bhaskara Rao, CMD, KIMS Hospitals said “This is our 2nd Hospital in Visakhapatnam (KIMS-ICON Hospitals was acquired in 2018). It underscores the tremendous opportunity we see in this city and we’ll continue to look for inorganic opportunities to build on our dominant position in Andhra Pradesh.”

Bhaskar added that with the addition of Queen’s NRI Hospital, the company now has over 630 beds in Vishakapatnam to provide world class healthcare facilities.

KIMS Hospitals, a well-known name in the medical industry with its headquarters in Hyderabad, was founded by B Bhaskara Rao. It manages a vast network of twelve hospitals with 3,975 beds spread throughout Telangana, Andhra Pradesh, and Maharashtra. It offers over 40 different medical specialties and a wide range of services. 

Enhancing their marketability and appeal is their most recent addition, a gastro unit in Vizag that is ideally situated in a prime location.

At 1:59 pm, the shares of KIMS were trading 2.59% higher at Rs 2,156.30 on NSE.