Here are the top stocks to track in today s session:
HDFC Bank: The private lender, on Saturday, reported an 18.1 per cent year-on-year increase in net profit to Rs 8,758.3 crore for the quarter ended in December 2020. That apart, the bank said it has imposed a penalty of Rs 10.20 lakh on its senior executive Jimmy Tata for selling his shares in violation of insider trading regulations.
Q3 earnings: Mindtree, Rallis India, Indiabulls Real Estate, IndiaMart, Trident and Snowman Logistics are among the 21 companies that will release their December quarter numbers today.
Metropolis Healthcare: Diagnostic chain Metropolis Healthcare said it will acquire Dr Ganesan s Hitech Diagnostic Centre 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 to the promoter group of Hitech.
Metropolis Healthcare buys Hitech Diagnostic for Rs 511 cr
Mumbai-based diagnostic services provider Metropolis Healthcare today announced that it has agreed to buy Chennai-based Hitech Diagnostic Center for a cash consideration of Rs 511 cr. Hitech promoters will invest in Metropolis as part of the deal.
Metropolis did not specify the price at which it would allot the 4.95 lakh shares that it will issue as part of the deal, but said it would be done as per Section 164 of SEBI (Issue of Capital and Disclosure Requirements) Regulations.
Assuming that the shares would be issued at around the current market price of Rs 2,167 each, that would mean around Rs 107 cr out of the Rs 511 cr paid to the promoters of Hitech would come back Metropolis in the form of an investment.
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, 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.
Metropolis Healthcare Share Price Gains 5% On Acquiring Hitech Diagnostic Centre moneycontrol.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneycontrol.com Daily Mail and Mail on Sunday newspapers.