Metropolis Healthcare to buy Hitech Diagnostic Centre
By the acquisition, Metropolis will get an access to 31 laboratories, including three NABL-and ICMR-accredited laboratories and 68 collection centres of Hitech.;
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New Delhi: Diagnostic chain Metropolis Healthcare on Sunday said it will acquire Dr Ganesan's Hitech Diagnostic Centre Pvt Ltd in a cash and stock combination deal, to strengthen its leadership position in southern India.
The company's board has approved the acquisition partly by way of cash consideration of Rs 511 crore and partly by issuance of up to 4,95,000 equity shares of a face value of Rs 2 each on a preferential basis, to the promoter group of Hitech, Metropolis Healthcare said in a regulatory filing.
"The cash consideration will be funded through internal accruals and debt of up to Rs 300 crore," it added.
S P Ganesan, its promoter and founder, will be part of the leadership team for the next few years to enable a smooth transition and integration with Metropolis, the filing said.
By the acquisition, Metropolis will get an access to 31 laboratories, including three NABL- and ICMR-accredited laboratories and 68 collection centres of Hitech. The acquisition is expected to be completed within three months, it added.
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