Dr. Agarwal’s has raised structured debt from CDC

Healthcare & Life Sciences

DATE December, 2019

TYPE Structured Finance

Dr. Agarwal’s has raised structured debt from CDC

About

Dr Agarwals Healthcare

Dr Agarwal’s is widely regarded as a pioneer in the eye care services space and has acquired market leadership position in India by a significant margin. Promoted and managed by an internationally renowned family of surgeons, Dr Agarwal’s has developed an excellent team of highly skilled ophthalmic specialists and surgeons, with a focus on clinical excellence; while offering standardized care, best-in-class technology and a relaxing experience to patients.

CDC

CDC is the UK government-owned development finance institution that uses its own balance sheet to invest in the developing countries of South Asia and Africa. Porfolio of investments is valued at over £4.8bn spread across 1,200+ investee businesses. CDC’s mission is to support the building of businesses in the poorest countries, creating jobs and making a lasting difference to people’s lives in some of the world’s developing countries.

Background

We are pleased to announce that our client, Dr. Agarwal’s Health Care Limited (“Dr Agarwal’s”), a pioneer and market leader in eye care services, has raised structured debt from Commonwealth Development Corporation (CDC Group Plc.), a leading Development Financial Institution sponsored by the Government of UK. This is the largest structured debt transaction in single speciality healthcare in the recent times.

With 90+ Centres across India and 10+ Countries in Africa, Dr Agarwal’s has now entrenched itself as a market leader in South Asia and Africa region, and the most preferred destination for the eye care needs of millions. Dr Agarwal’s is headed by Dr Amar Agarwal, an internationally renowned ophthalmologist with several innovations in the field of ophthalmology to his credit and recipient of several international awards and backed by Temasek and ADV Partners.

Dr Agarwal’s will use the funds to expand their presence across India & Africa through brownfield expansion as well as practice acquisitions and strengthen their position as the leading eye-care chain.

Veda Corporate Advisors (“VedaCorp”) was the financial advisor to the Company. VedaCorp provided comprehensive transaction advisory services including deal structuring and negotiation of key commercial terms, leading to the successful closure of the transaction.

This marks VedaCorp’s 31^st transaction in the healthcare segment, our 3^rd transaction in 4 years for Dr Agarwal’s Health Care, re-affirming our credentials as the premier healthcare franchise in the country. This transaction takes our tally to 10 deals in the current calendar year, bearing testimony to VedaCorp’s strong track record in mid-market and new age businesses.