Healthcare Global soars 5% after signing investment agreement with Aceso Company, Singapore

The agreement sets out the rights and obligations of the parties in relation to the investment by the Investor in the Company, inter-se rights and obligations of the Promoter and Investor as shareholders of the Company, management of the Company and other matters in connection therewith, the company added.

Jun 04, 2020 02:06 IST India Infoline News Service

Healthcare Global Enterprises has signed an Investment Agreement today by and between Aceso Company, Singapore (Investor) and Dr. B.S. Ajaikumar, (Promoter).

As per the agreement, the Investor shall, subject to, amongst other conditions, the approval of the shareholders of the Company, and other applicable law, subscribe to 2,95,16,260 Equity Shares and 18,560,663 warrants (convertible to an equal number of equity shares) of the Company, in tranches, at Rs 130 per equity share, aggregating to Rs625cr.

The Company has also received the Public Announcement from JM Financial, Manager to the Open Offer made by the Investor for the acquisition of up to 32,613,192 fully paid-up equity shares of face value of Rs10 each (Equity Shares) from the Public Shareholders of the Company, representing 26% of the Expanded Voting Share Capital, at a price of Rs130 per Equity Share (the Offer Price) aggregating to total consideration of Rs4,239,714,960 payable in cash.

The agreement sets out the rights and obligations of the parties in relation to the investment by the Investor in the Company, inter-se rights and obligations of the Promoter and Investor as shareholders of the Company, management of the Company and other matters in connection therewith, the company added.

The stock is currently trading at Rs119.25, up by Rs5.35 or 4.7% from its previous closing of Rs113.90 on the BSE.

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