INDRAPRASTHA MEDICAL CORP Share price

Indraprastha Medical Corporation Limited (IMCL) wasincorporated as Public Limited Company on 16th March 1988with the ROC and obtained the certificate of commencementof business on April 7 1988.The hospital was originally planned to be located withinthe Indira Gandhi Indoor Stadium Complex Mahatma GandhiMarg New Delhi. However the construction work had to bestopped as the Government of India decided to allot thebuilding to Sports Authority of India (SAI).In lieu of the land and building acquired the SAIundertook to pay Rs. 15.478 crores to the company. Thissum together with the interest accrued was then to beused for constructing the hospital at a new site.Subsequently 15 acres of land at Delhi Mathura RoadSarita Vihar New Delhi together with building constructedout of the money (including interest) received from SportsAuthority of India was leased to the company for a periodof thirty years upto July 31 2023 renewable for a furtherperiod of thirty years.The project was originally planned in 1988 for setting up amulti-specialty hospital with 600 beds at an estimatedcost of Rs 56.30 crores. After relocation changes in theplanned specialties delays etc. the cost of the projectwas estimated at Rs 80.6 crores (excluding the compensationfrom SAI) in January 1993 and the hospital was expectedto commence commercial operations by April 1994. Howeverthere were further time and cost overruns mainly due todelays in implementation upgradation and addition offacilities and equipment increase in the number of bedssetting up of 5 satellite centres etc. leading to thecost and implementation schedule presented in theprospectus.The hospital was inaugurated by the President of India onJuly 27 1996. The hospital has been made operational inphases from April 1996. Since August 1996 300 beds havebeen commissioned with an average occupancy of 200 beds.Except for a few departments and the remaining beds thehospital is commercially operational