Fortis Healthcare Ltd announced the acquisition of 5,970,149 equity shares from the International Finance Corporation (IFC), representing a 7.61 per cent stake in its material subsidiary, Agilus Diagnostics Ltd. The transaction, valued at ₹429.37 crore, was executed at an agreed price of ₹719.2 per share under the terms of a shareholders’ agreement on Friday, December 20.
"The company on December 20, 2024, at 07:18 PM (IST) has acquired 5,970,149 equity shares as held by International Finance Corporation (IFC) (representing 7.61 per cent equity stake) in Agilus Diagnostics Limited (a material subsidiary of the company) from IFC," said Fortis Healthcare in a regulatory filing to the stock exchanges.
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The acquisition forms part of a broader plan wherein Fortis Healthcare will acquire a total of 31.52 per cent equity in Agilus. This includes the 7.61 per cent stake from IFC and an additional 23.91 per cent held collectively by NYLIM Jacob Ballas India Fund III LLC (NJBIF) and Resurgence PE Investments Ltd, both of which are related parties to Agilus.
“The company shall also acquire equity stake held by NYLIM Jacob Ballas India Fund III LLC (NJBIF) (holding 1,24,37,811 equity shares representing 15.86 per cent equity stake in Agilus) and Resurgence PE Investments Ltd (formerly known as Avigo PE Investments Ltd) (Resurgence) (holding 63,10,315 equity shares representing 8.05 per cent equity stake in Agilus)," said Fortis Healthcare.
The healthcare provider and hospital chain has committed to updating stock exchanges once these subsequent transactions are finalised. Shares of Fortis Healthcare Ltd settled 0.12 per cent lower at ₹677.20 apiece on the BSE.
Incorporated in 1995, Agilus Diagnostics is India’s largest diagnostic service provider with a nationwide presence. As of November 30, 2024, the company operates 407 laboratories, over 4,000 customer touchpoints, and 14,000 pickup points across 532 districts in 30+ states and union territories. Additionally, its international operations include state-of-the-art labs in Dubai and joint ventures in Nepal.
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