Park Group announces strategic divestment

Park Medi World Limited (NSE: PARKHOSPS, BSE: 544645), North India's 2nd largest chain of hospitals hereby informs its investors and stakeholders that, as part of its ongoing restructuring and strategic realignment initiatives, its wholly owned subsidiary, Aggarwal Hospital and Research Services Private Limited, has approved the divestment of its entire 55% shareholding in Devina Derma Private Limited, a subsidiary of Aggarwal Hospital and Research Services Private Limited, amounting INR 0.06 crore.

Upon successful completion of the transaction, Devina Derma Private Limited will cease to be a subsidiary of Aggarwal Hospital and Research Services Private Limited, and consequently, of the Company. This divestment has been undertaken following the failure of the sellers to fulfil certain pre-requisite conditions stipulated under the transactional documents - noncompliance with which had the potential to adversely impact the operational efficiency and financial flexibility of the Group.

The Board and Management are of the considered view that this divestment represents a prudent and value-accretive decision, enabling the Group to streamline its corporate structure, eliminate operational uncertainties, and redeploy its focus and resources towards core strategic priorities.

Park Group of Hospitals remains steadfast in its commitment to building a robust and resilient healthcare delivery network. The Group will continue to evaluate and execute prudent strategic initiatives and restructuring measures aimed at enhancing long-term stakeholder value, strengthening its competitive positioning, and sustaining its growth momentum across its operational footprint.

Shares of Park Medi World Limited was last trading in BSE at Rs. 281.25 as compared to the previous close of Rs. 285.90. The total number of shares traded during the day was 40024 in over 768 trades.

The stock hit an intraday high of Rs. 291.05 and intraday low of 280.00. The net turnover during the day was Rs. 11395321.00.

Source : Equity Bulls

Keywords

INE119201023 ParkMediWorld PARKHOSPS Hospital Restructuring Divestment DevinaDerma