Metropolis Healthcare board approves acquisition of Hitech Diagnostic for Rs 636 crore

Now, the amended deal term is cash consideration of Rs 636 crore only as against the combination of cash and equity, earlier announced by the company, it added.

By:October 15, 2021 4:38 PM
deal, flyjacKrishnan joined Icra in 2020 and is currently President – Ratings and Chief Rating Officer of the company. (File)

Diagnostic chain Metropolis Healthcare on Friday said its board has approved the acquisition of Hitech Diagnostic Centre and its subsidiary Centralab Healthcare Services for a cash consideration of Rs 636 crore.

Earlier on January 17, 2021, Metropolis Healthcare in a regulatory filing had said its board approved the acquisition of Hitech Diagnostic Centre and its arm Centralab Healthcare Services in a combination of cash and equity shares deal.

The company’s board had earlier approved the acquisition partly by cash consideration of Rs 511 crore and equity consideration of up to 4,95,000 fully paid-up equity shares of Rs 2 each.

The board has “approved the amendment to the terms and conditions of the share purchase agreement dated January 17, 2021, signed between the company, Dr Ganesan’s Hitech Diagnostic Centre Pvt Ltd and its promoters/shareholders for the acquisition of 100 per cent stake in Dr Ganesan’s Hitech Diagnostic Centre Pvt Ltd along with its subsidiary Centralab Healthcare Services Pvt Ltd,” Metropolis Healthcare said in a BSE filing.

Now, the amended deal term is cash consideration of Rs 636 crore only as against the combination of cash and equity, earlier announced by the company, it added.

The indicative period for completion of the acquisition is 6 months, the filing said.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Latest Healthcare News