Shalby Ltd saw its shares surge more than 4% on January 18 after the multi-speciality hospital chain announced that it would acquire an 87.26% stake in PK Healthcare Private Ltd for a consideration of approximately Rs 102 crore.

Shares of Shalby Ltd hit an intraday high of Rs 318.00, up 4.5% from its last closing price on the National Stock Exchange (NSE). At 11:25 am, the stock was trading 1.7% higher at Rs 309.35.

In an exchange filing on Friday, Shalby Ltd informed the exchanges about a strategic investment to acquire an 87.26% equity stake in Sanar International Hospitals, Gurugram (PK Healthcare Pvt Ltd), for Rs 102 crore. The stake will be acquired through primary infusion and secondary buy‐outs within one month. 

The hospital is located on a leased 1.27-acre plot at Golf Course Road, Gurugram. The facility currently has a capacity of 130 beds and can be expanded to the level of 180 beds with additional capex.

Sanar International Hospitals offers healthcare services in cancer, heart, bone & joint and neurosciences, among other specialities.

The hospital has multiple tie-ups with various healthcare facilities across the globe. Shalby said that the hospital currently generates around 70% of its business from international markets, catering to more than 60 countries through its seven representative offices in the Middle East, Africa, CIS, SAARC and other international locations.