Metropolis Healthcare, a leading diagnostic service provider, is set to acquire Chennai-based Dr Ganesan’s Hitech Diagnostic Centre Pvt Ltd for a cash consideration of Rs 511 crore. Metropolis will acquire 100 per cent equity of Dr Ganesan’s Hitech Diagnostic Centre in a cash and stock deal. The entity is a debt free company and will issue up to 495,000 equity shares of face value Rs 2 each on preferential basis, subject to shareholders approval, to the promoter group of Hitech. The cash consideration will be funded through internal accruals and a debt of up to Rs 300 crore. Dr Ganesan, promoter and founder, will be part of the leadership team for the next few years to enable a smooth transition and integration with Metropolis.