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Metropolis Healthcare had previously announced that the indicative period for the completion of acquisition of Dr.
Ganesan s Hitech Diagnostic Centre (Hitech) would be three months (3 months) from 17 January 2021. However, due to the urrent situation of COVID-19 pandemic as mutually agreed between both the parties, the aforementioned acquisition would be closed and completed within next 45 days.
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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
At meeting held on 17 January 2021The Board of Metropolis Healthcare at its meeting held on 17 January 2021 has approved the following:
Increase in in limits available with the Company to provide loan, guarantee to any person or Body
Corporate or make investment in any Body Corporate under Section 186 of the Companies Act,
2013 from Rs.500 crore to Rs.1200 crore, subject to the approval of the shareholders.
Acquisition of entire 100% stake in Dr. Ganesan s Hitech Diagnostic Centre and its
subsidiary ( Hitech ) from its existing promoters / shareholders for a consideration to be discharged
partly by Cash and partly by issuance of equity shares of the Company.
Metropolis Healthcare announced that the board of directors has approved the acquisition of Dr. Ganesan s Hitech Diagnostic Centre (Hitech).
Established in 1986, Hitech Diagnostic Centre is a diagnostics laboratory chain in the South India market. Metropolis will acquire 100% equity of Dr. Ganesan s Hitech Diagnostic Centre in a combination of cash and stock deal. The entity is a debt free company. This acquisition is expected to be completed within 3 months.
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.