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Vijaya Diagnostic Centre Pvt Ltd has acquired 29.1 per cent stake in the listed, loss-making Medinova Diagnostic Services Ltd. It is coming out with an open offer to acquire additional 26.14 per cent share.
According to disclosures made to exchanges, Hyderabad-based, Vijaya Diagnostic, which has multiple centres in the city has acquired 29.16 per cent stake in Medinova also headquartered in the city for Rs 1.37 crore with each share at Rs 5 as against the face value of Rs 10 each.
Karvy Investor Services has been appointed to facilitate the open offer. The promoters of Vijaya Diagnostics will acquire another 26.14 per cent stake. The shareholding of Vijaya Diagnostic and persons acting in consort is likely to go up to 53.55 per cent or 50,77,020 shares.
As per the open offer document, Standarad Medical and Pharmaceuticals Ltd, which is part of the promoter group, will be selling out 27,50,220 shares, equivalent to 29.16 per cent holding.
Medinova shares closed at Rs 2.46, up 4.68 per cent on the BSE on Friday.
Started in 1985, Medinova diagnostic has expanded to Kolkata (two centres), Pune and Bangalore. It is among the pioneers in bringing under one roof comprehensive array of diagnostic services and also specialist doctors, said Basu Thakur, Managing Director.
It recently divested stake in the Bangalore facility together with assets and liabilities to Mallya Hospital (managed by Chappral Health Services Ltd), Bangalore for a total consideration of Rs 7.15 crore.
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