Docprime, a fully-owned subsidiary of PB Fintech, has made a further investment of over ₹10.8 crore in healthcare and wellness services provider Visit Health (VHPL) for a minority stake.

The board of directors of PB Fintech approved the proposal at a meeting held on Tuesday, the company said.

The board has approved further investment of over ₹10 crore by Docprime Technologies in Visit Health, PB Fintech said in a regulatory filing. In lieu, VHPL will issue 1,44,511 compulsorily convertible debentures (CCDs) of ₹748 each to Docprime.

"Docprime is making further investment in Visit Health to acquire a minority stake as part of strategic investments. As VHPL is an associate company, it is related party of the company. The transaction is done on the basis of a valuation report obtained and is at arm's length," PB Fintech said.

Docprime, VHPL and others had entered into a share purchase agreement on September 10, 2021 for this acquisition for a cash consideration, expected to be completed within six months.

The shareholding of Docprime stands at 30.46 per cent on a fully diluted basis.

Firm’s services

Visit Health is engaged in the business of providing healthcare and wellness through website and mobile application. It also provides access to medical services such as diagnostics, OPD, pharmacy through its network partners, and health risk assessment to the subscribers. The company had a turnover of ₹8.91 crore in FY21.

Besides, the board of directors of PB Fintech also approved the list of eligible employees of the company and its subsidiaries to whom 24,32,500 stock options and 1,54,94,500 stock options would be vested on December 1, 2021.

Shares of recently-listed PB Fintech closed at ₹1,214.20 a piece on BSE, down 1.18 per cent from the previous close.