Narayana Hrudayalaya today said it has completed buyback of 71.4 per cent shareholding in Health City Cayman Islands (HCCI) from Ascension Health Ventures for USD 32.26 million. The company earlier held 28.6 per cent stake in Health City Cayman Islands through its wholly owned subsidiary Narayana Cayman Holdings Ltd.
The funds for the buyback were transfered on January 3, 2018 and the buyback has been concluded on January 12, Narayana Hrudayalaya said in a BSE filing. Consequent to this buyback HCCI has become a 100 per cent step-down subsidiary of the company, it added.
In an earlier filing to the bourses, Narayana Hrudayalaya had said it had entered into definitive agreement with Ascension Health Ventures LLC for the buyback of 71.4 per cent shareholding in Health City Cayman Islands.