Healthcare Global Board Approves Acquisition Of Vizag Hospital
The board of directors of HealthCare Global Enterprises Ltd. has approved the acquisition of Vizag Hospital in Vishakhapatnam for Rs 362 crore.
The company will acquire 51% of the of the equity shares of Vizag Hospital from the selling shareholders. This would be subject to the fulfilment of the terms and conditions mentioned in the share purchase agreement, according to an exchange filing on Tuesday.
It will acquire the remaining 49% stake in the hospital through multiple tranches, subject to the terms mentioned in the share purchase agreement and shareholders' agreement.
The cost of the acquisition of 51% of the shares is Rs 208 crore, payable to the selling shareholders, while the cost of the additional 34% stake is Rs 155 crore. The acquisition of the remaining 15% of the of the share capital will be based on the valuation principle, it said.
Vizag Hospital runs and operates a cancer care hospital in the city of Vishakhapatnam, Andhra Pradesh. It has 196 operational beds and a well-maintained infrastructure.
This acquisition would help the cancer care provider secure leadership in a micro-market, improve operational and clinical synergies and strengthen our market positioning.
Shares of HealthCare Global Enterprises closed 0.66% lower at Rs 375 apiece, compared to a 0.04% fall in the benchmark BSE Sensex.
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