Diagnostics chain Dr Lal PathLabs has decided to acquire Delta Ria and Pathology, and purchase additional 10% stake each in two group companies Paliwal Diagnostics and Paliwal Medicare to raise its stake to 80%.
Delta Ria and Pathology will be acquired for Rs 8,272.51 per share within six months of approvals, Dr Lal PathLabs said in a statement filed with the stock exchanges.
Delta Ria and Pathology, which was founded in 2006, clocked revenues of Rs 2.2 crore in the financial year ended March 31, 2016 against Rs 3.1 crore in the previous fiscal.
Further, the 10% stake in Paliwal Diagnostics will be bought for Rs 65,343 per share and the 10% stake in Paliwal Medicare will be acquired for Rs 39,439 per share, the statement added.
Paliwal Diagnostics, which was founded in 1997, reported a turnover of Rs 18.7 crore in FY2015-16 against Rs 15.9 crore in FY2014-15 while Paliwal Medicare, which was founded in 2006, had revenues of Rs 3.85 crore in FY2015-16 against Rs 3.5 crore in the previous fiscal.
Dr Lal PathLabs, which made a spectacular stock market listing in December 2015, currently boasts of a market cap of Rs 7,813.42 crore. Its shares shot up by 71.69% to Rs 944.30 apiece as on Monday compared with its issue price of Rs 550.
Its peer Thyrocare Technologies Ltd also made a stunning stock market debut recently while Fortis Healthcare last week said it is exploring options, including demerger, of its diagnostics unit SRL Ltd for its ultimate listing, underling the investor confidence in the sector.
Dr Lal PathLabs reported 19.79% rise in consolidated net profit at Rs 34.44 crore for the quarter ended March 31, 2016 against Rs 28.75 crore for the corresponding period of the previous fiscal.
The diagnostics company has built a national, ‘hub and spoke’ network that includes its National Reference Laboratory in New Delhi, 171 other clinical laboratories, 1,559 patient service centres and nearly 5,000 pickup points as of March 31, 2016.
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