Meanwhile, ace investor Ashish Kacholia held 1.75 million equity shares or a 1.83 per cent stake in Poly Medicure
as of February 19, 2021, as per the shareholding data.
The company said it proposed to utilise the net proceeds for funding suitable organic and inorganic growth opportunities, ongoing capital expenditure, other long-term and short-term requirements, pre-payment and/or repayment of outstanding borrowings and general corporate purpose, or any other purposes.
Indian firms engaged in the medical devices sector are typically small and medium-scale enterprises, manufacturing products such as disposable and medical supplies and competing in low-priced, high-volume segments. Indian players like Hindustan Syringes and Poly Medicure hold a higher share of the consumables market than multi-national companies. Due to Covid-19 related medical requirements, manufacturing and demand for consumables and disposables have increased significantly.
Medical consumables and disposables grew as Ayushmaan Bharat helped increase health service penetration in India, aiding to growth in the medical procedure and treatments conducted in India. An increase in insurance penetration, medical treatments supported by the PMJAY Ayushmaan Bharat, and usage of technological and medical equipment in public, as well private hospitals, across rural and urban India also supported the medical devices industry.
India is among the fast-growing markets
for healthcare and medical devices in the Asia-Pacific region. With improving medical device regulations, setting up of the National Medical Devices Promotion Council, and the government’s focus on manufacturing of medical device, there is an increasing potential for the Indian medical manufacturing industry, the company had said in the QIP
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