For consideration of Rs 511 croreMetropolis Healthcare announced that the Board of Directors has approved the acquisition of Dr. Ganesan s Hitech Diagnostic Centre (Hitech).
The acquisition will be a combination of cash and stock deal. The target entity is a debt free company. Cash consideration will be Rs. 511 crore and Metropolis will issue up to 4,95,000 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 Debt of up to Rs. 300 crore.
The acquisition will allow Metropolis to increase its B2C business in focus cities of Chennai and
Read more about HDFC Bank consolidated net profit rises 14.49% in the December 2020 quarter on Business Standard. Total Operating Income rise 2.09% to Rs 31851.60 crore
Tata Power rose 2.63% to Rs 84 after the company announced completion of acquisition of 51% equity shares of TP Southern Odisha Distribution and TP Western Odisha Distribution.Tata Power announced that it has taken over the management and operations of WESCO and SOUTHCO upon completion of sale process. Now, WESCO and SOUTHCO will operate under the company name as TP Western Odisha Distribution (TPWODL) and TP Southern Odisha Distribution (TPSODL) respectively. As per order issued by the Odisha Electricity Regulatory Commission (OERC), Tata Power holds 51% of equity with management control and the state-owned GRIDCO will have the remaining 49% equity stake in the company.
Bank of India fell 0.49% to Rs 50.90 after the bank said its total provisions under divergence stood at Rs 930 crore.
While informing about the divergence in the asset classification and provisioning for NPAs, the state-run lender disclosed that total provisions under divergence is Rs 930 crore, which include divergence in provision for NPA of Rs 394 crore, provision for investments of Rs 23 crore and shortfall in standard asset provisioning of Rs 513 crore.
It further said that out of Rs 930 crore provisions under divergence, the bank has already made provision of Rs 572 crore during the current financial year. Hence, the remaining impact is Rs 358 crore, the bank added.