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Fortis Healthcare (India) Ltd on Thursday said it has completed acquisition of 74.59 per cent stake in Super Religare Laboratories (SRL).
A company spokesperson said the cost of the acquisition was Rs 803 crore.
“The company on May 12, completed the acquisition of the strategic stake of 74.59 per cent in the existing expanded equity share capital of SRL, from the promoters of SRL,” Fortis Healthcare said in a filing to the BSE.
Earlier last month, Fortis had said it would acquire 86 per cent stake in SRL. Since then, private equity firm Avigo Capital Partners has picked up 9.27 per cent stake in SRL in a pre-IPO placement for an aggregate of nearly Rs 100 crore. Private equity firm Sabre Partners has also invested Rs 50 crore.
Due to these deals, the share capital of SRL, which has also proposed an IPO, has grown — resulting in the proposed number of shares to be acquired by Fortis accounting for only 74.59 per cent stake, as against 86 per cent previously.
The spokesperson said that the proposed acquisition of 86 per cent of capital with 52 million shares is now equivalent to about 75 per cent of the expanded capital after the preferential allotment to the two PE firms.
Both Fortis Healthcare and SRL are promoted by billionaire brothers Mr Malvinder Mohan Singh and Mr Shivinder Mohan Singh.
In February, SRL had filed a Draft Red Herring Prospectus (DRHP) with the SEBI for a public issue of 28 million shares and the document is awaiting comments from SEBI, it said.
According to the DRHP, promoter and promoter groups hold 85.67 per cent sake in SRL.
Super Religare Laboratories, which is one of the largest diagnostics provider in the country, acquired Piramal Diagnostic Services Pvt Ltd in August 2010 for Rs 600 crore to strengthen its presence in the radiology services.
SRL's network consists of eight reference laboratories, seven centres of excellence, 181 network laboratories (164 pathology, 17 radiology), 15 wellness centres and 888 collection centres.
Fortis had recently launched C-Doc for diabetes and metabolic diseases and stem cell therapy centres.
Fortis commissioned its first hospital in 2001 at Mohali, and has grown into a network of 56 hospitals with over 8,000 beds.
Shares of Fortis Healthcare on Thursday closed at Rs 156 on the BSE, down 0.64 per cent from its previous close.
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