Metropolis Healthcare board approves acquisition of Hitech Diagnostic

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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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