API Holdings, the parent of the unicorn Pharmeasy, and A Velumani, Chairman and Managing Director of Thyrocare Technologies, have signed a definitive agreement for the deal.
Digital healthcare company Pharmeasy on Friday announced that it will acquire a controlling stake in diagnostic chain Thyrocare for Rs 4,546 crore.
API Holdings, the parent of the unicorn Pharmeasy, and A Velumani, Chairman and Managing Director of Thyrocare Technologies, have signed a definitive agreement for the deal.
Under the transaction, the Delhi-based company will buy 66.1 per cent stake in Thyrocare from Velumani and his affiliates at Rs 1,300 per share, according to a statement.
The transaction, which is significant because an entrenched player is getting acquired by a startup, will also see a subsidiary of API making an open offer to acquire an additional 26 per cent stake in the listed Thyrocare, the statement said.
Velumani will be separately acquiring a minority non-controlling stake of less than 5 per cent in API as part of a series of equity investments by existing and new investors of API.
Shares of Thyrocare closed 6.23 per cent up at Rs 1,448.05 apiece on BSE on Friday.
(PTI)
Source: Business World
