On June 25, Online Medical store Pharm-Easy announced that it would be obtaining 66.1 per cent stake in diagnostics services chain Thyro-care Technologies Ltd of Rs 4,546 crore.
API Holdings Ltd, is the parent company of Pharm-Easy, announced in the official statement that, “signing of definitive documents to acquire 66.1 percent stake in Thyrocare from Dr. A Velumani and affiliates at a price of Rs 1,300 per share aggregating to Rs 4,546 crore.”
The statement also added that, Dr. A Velumani, the founder of Thyrocare, will be separately receiving a minority of non-controlling stake, with less than 5 per cent in API Holdings as part of a series of equity investments by current(existing) and new investors of API. Earlier as reported by CNBC TV 18 that, Dr. Velumani would be investing Rs 1500 crore and will also hold 4.9 per cent of support in API.
Thyrocare is listed on the stock exchanges since May 2016 with a market capitalization of around Rs 3,300 crore on its debut. The share price has risen to around Rs 1,300/share and gained Rs 300/share in June. The share was trading at Rs 1,315 up nearly 1.4 per cent at the time of publishing.
Thyrocare is a now a leading pan-India diagnostic chain which conducts an arrangement of medical diagnostic tests and profiles of tests that centre on early detection and management of disease and medical disorders.