Narayana Hrudayalaya has entered into an agreement with Panacea Biotec to fully acquire its subsidiary NewRise Healthcare for an enterprise value of Rs 180 crore.
The company has “entered into a definitive agreement to acquire 100% stake in NewRise Healthcare Pvt Ltd from Panacea Biotec Ltd to announce its first hospital in Gurugram”, Narayana Hrudayalaya said in a BSE filing today.
NewRise Healthcare has set up a multi-speciality hospital in Gurugram which is in final stages of completion and is expected to be commissioned within the next 9 months. This transaction is intended to consolidate Narayana Hrudayalaya’s footprint in the northern cluster.
Founded in 2000 by Devi Prasad Shetty, Narayana Hrudayalaya has a network of 23 hospitals and 7 heart centres across India and a singlehospital overseas at Cayman Islands with over 5,700 operational beds across all its centres.
Shares of Narayana Hrudayalaya were trading 0.39% lower at Rs 317.10 per scrip while Panacea Biotec’s stock was trading 3.58% higher at Rs 164.80 apiece on BSE today.