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Ahmedabad-based hospital chain Shalby Ltd. has announced that its arm Mars Medical Devices Ltd. will convert loans worth $7 million into stocks.

The loans given by Mars Medical Devices Ltd. to its subsidiary Shalby Advanced Technologies, Inc USA will be converted into preferred stock and common stock.

The decision was taken by the board of directors of Mars Medical Devices at its meeting on December 20.

The board has approved the conversion of the $4 million loan given to Shalby Advanced Technologies, Inc USA into preferred stock, redeemable at the option of the holder. These preferred stocks will have no voting rights.

The board also cleared a proposal to convert the $3 million loan given to subsidiary Shalby Advanced Technologies, Inc USA into common stock.

Shalby Hospitals is a chain of 11 multispecialty hospitals offering treatment in over 35 medical disciplines, with an aggregate capacity of over 2,062 beds, over 500 active physicians, and more than 3,000 employees.

In an interview with CNBC-TV18 in September, Shanay Shah, President of Shalby Ltd., said that the company is planning to acquire value-accretive multi-specialty hospitals in markets such as Delhi and Kolkata.

He expected the international medical tourism industry to grow by 15-20 percent year-on-year and added that the hospitals have been seeing a higher influx of international patients.

Shares of Shalby are trading 3.67 percent higher at Rs 149.60.

(Edited by : Rukmani Krishna)