10 Dec , 2024 By : Debdeep Gupta
Metropolis Healthcare shares rose nearly 2 percent in the early trade on December 10 after the company board approved the acquisition of diagnostics firm Core Diagnostics.
At 09:22 am, Metropolis Healthcare was quoting at Rs 2,226.70, up Rs 39.70, or 1.82 percent, on the BSE.
The company will acquire a 100 percent stake in Core Diagnostics through a combination of cash and stock, with 55 percent of the transaction in cash and 45 percent through an equity swap, totaling Rs 246.8 crore.
The said consideration will be paid partly by way of cash consideration of an amount of Rs 135.76 crore and partly by issuance of equity shares of face value of Rs 2 each as may be determined, aggregating to an amount of up to Rs 111.07 crore by way of share swap.
The equity issuance is subject to shareholder approval, and the acquisition is expected to be completed within 60 days.
This strategic acquisition will enhance Metropolis’ capabilities in advanced cancer testing while deepening its presence in Northern and Eastern India and driving market share expansion in the specialized segment across the country, the company said.
The company in the quarter that ended September 2024 reported a 31 percent jump in its net profit at Rs 46.52 crore, YoY.
The share touched a 52-week high of Rs 2,306.85 and a 52-week low of Rs 1,450.05 on 10 October 2024 and 12 January 2024, respectively.
Currently, the stock is trading 3.47 percent below its 52-week high and 53.56 percent above its 52-week low.
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