Shares of Metropolis Healthcare Ltd were trading in the green and 2% higher on 10 December after the Board of Directors of the company approved the acquisition of diagnostics firm Core Diagnostics.
The company will acquire a 100% stake in Core Diagnostics through a combination of cash and stock. The company will acquire a 45% stake through an equity swap and 55% of the transaction in cash, totalling Rs 246.8 crore.
The consideration for the transaction will include a cash payment of Rs 135.76 crore and the issuance of equity shares with a face value of Rs 2 each, amounting to a total of up to Rs 111.07 crore through a share swap arrangement.
The issuance of equity shares is contingent upon shareholder approval, and the acquisition is anticipated to be finalised within 60 days.
This acquisition will enhance the company’s capabilities in advanced cancer testing, including deepening its presence in Eastern and Northern India and driving market share expansion in the specialised segment across India.
However, at 11:58 am, the shares of Metropolis Healthcare were trading 0.14% lower at Rs 2,187.45 on NSE.
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