Reliance buys Karkinos Healthcare for Rs 375 crore
Mumbai: Reliance Industries has acquired Karkinos Healthcare through its wholly-owned subsidiary Reliance Strategic Business Ventures Limited (RSBVL) for Rs 375 crore.
The acquisition was completed through the allotment of equity shares and optionally fully convertible debentures.
"In accordance with the approved resolution plan for the resolution of Karkinos Healthcare Private Limited (“Karkinos”), Reliance Strategic Business Ventures Limited (“RSBVL”), wholly-owned subsidiary of the Company, has on December 27, 2024, subscribed to and has been allotted 1,00,00,000 equity shares of Rs. 10/- each, for cash, aggregating Rs. 10 crore and 36,50,00,000 Optionally Fully Convertible Debentures of Rs. 10/- each, for cash, aggregating Rs. 365 crore of Karkinos," Reliance Industries informed in a BSE filing.
It further informed that Karkinos has cancelled the existing outstanding 30,075 equity shares held by the erstwhile shareholders of Karkinos in accordance with the approved resolution plan.
Following the allotment of equity shares to RSBVL and cancellation of existing outstanding equity shares, Karkinos has become a step down wholly-owned subsidiary of the Company.
"The acquisition of Karkinos will help expand the health services business portfolio of Reliance group. The resolution plan has been approved by the Hon’ble National Company Law Tribunal, Mumbai Bench, and no further governmental / regulatory approval was required for the above transaction," the filing added.
Karkinos was incorporated in India on July 24, 2020 and is in the business of providing technology-driven, innovative solutions for the early detection, diagnosis, and management of cancer. The turnover of Karkinos for FY 2023, FY 2022, FY 2021 was Rs. 21.911 crore, Rs. 0.918 crore, and Rs. 0.004 crore, respectively.
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