Shalby Limited

First Water raised its stake in Shalby Limited from 1.73% to 1.81%, acquiring 79,103 shares through a rights issue.

A multi-specialty hospital chain operating across India, Shalby delivers tertiary and quaternary healthcare services spanning orthopaedics, complex joint replacements, cardiology, neurology, oncology, and renal transplantations. The company holds a distinctive position as a global leader in knee replacement surgery and ranks among India's top hospitals for joint replacement procedures. Its network of facilities serves patients requiring complex surgical interventions and specialized medical care across multiple disciplines.

India-focused and FPI co-founded by Arun Chulani (CA, MSc LSE, ex-Ikarus Petroleum) and Ricky Kirpalani. Concentrated long-only value strategy holding 15 to 18 stocks for 5 to 7 year horizons. Patient capital with a Buffett-style preference for moaty Indian businesses available at sensible prices.