Metropolis Healthcare Ltd revises terms of acquisition of Hitech

The Board of Directors of Metropolis Healthcare Limited ('the Company'), at their meeting held today, have considered and 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 Private Limited and its promoters / shareholders for the acquisition of 100% stake in Dr. Ganesan's Hitech Diagnostic Centre Private Limited along with its subsidiary Centralab Healthcare Services Private Limited ('Hitech'). On January 17, 2021 the Board had agreed Cash consideration of Rs. 511/- Crores and Equity consideration of upto 495000 fully paid-up equity shares of Rs. 2 each. Now the amended deal term is Cash consideration of Rs. 636/- Crores only as against the combination of cash and equity, earlier announced by the Company.

Pursuant to the completion of the acquisition, Hitech will become a wholly owned subsidiary of the Company.

Shares of Metropolis Healthcare Limited was last trading in BSE at Rs. 2648.20 as compared to the previous close of Rs. 2710.45. The total number of shares traded during the day was 66480 in over 4372 trades.

The stock hit an intraday high of Rs. 2724.85 and intraday low of 2630.85. The net turnover during the day was Rs. 176911857.00.

Source : Equity Bulls

Keywords

MetropolisHealthcare INE112L01020 HealthcareServices Acquisition Hitech