Fortis Healthcare Ltd has acquired a 7.61% stake in its subsidiary, Agilus Diagnostics Ltd, from the International Finance Corporation (IFC). The deal worth ₹429.37 crore involves acquiring 5,970,149 equity shares at an agreed price of ₹719.2 per share through a shareholders’ agreement.
Agilus Diagnostics is one of the largest diagnostic service providers in India and covers the entire country through a huge network. It was incorporated in 1995.
Agilus has reached 532 districts with 30+ states and union territories, with 407 labs, more than 4,000 customer touchpoints, and 14,000 pickup points as of November 30, 2024. The company has a global presence. It has advance labs in Dubai and joint ventures in Nepal.
This acquisition is a part of Fortis Healthcare’s larger strategy to enhance its stake in Agilus Diagnostics to 31.52%. Besides the 7.61% stake that Fortis has acquired from IFC, it will purchase another 23.91% from two other stakeholders. One is
NYLIM Jacob Ballas India Fund III LLC, holding a 15.86% stake and the other one, Resurgence PE Investments Ltd, formerly known as Avigo PE Investments Ltd, holding an 8.05% stake.
Fortis has assured the stakeholders that updates will be given to the stock exchanges after these deals are concluded. This deal positions Fortis Healthcare stronger in the marketplace of diagnostic services, thereby helping develop its growth and expansion.
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