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“…we would like to inform you that the company on December 20, 2024, at 07:18 PM (IST) has acquired 5,970,149 equity shares as held by International Finance Corporation (IFC) (representing 7.61% equity stake) in Agilus Diagnostics Limited (a material subsidiary of the company) from IFC,” Fortis Health said in a regulatory filing.
Agilus Diagnostics, incorporated in 1995, is India’s largest diagnostic service provider with a nationwide presence. As of November 30, 2024, the company operates 407 laboratories, over 4,000 customer touchpoints, and 14,000 pickup points across 532 districts in 30+ states and union territories. Additionally, its international operations include state-of-the-art labs in Dubai and joint ventures in Nepal.
The acquisition forms part of a broader plan wherein Fortis Healthcare will acquire a total of 31.52% equity in Agilus. This includes the 7.61% stake from IFC and an additional 23.91% held collectively by NYLIM Jacob Ballas India Fund III LLC (NJBIF) and Resurgence PE Investments Ltd, both of which are related parties to Agilus.
Also Read: Fortis Healthcare Q2 Results | Revenue rises 12%, net profit up marginally
“…the company shall also acquire equity stake held by NYLIM Jacob Ballas India Fund III LLC (NJBIF) (holding 1,24,37,811 equity shares representing 15.86% equity stake in Agilus) and Resurgence PE Investments Ltd (formerly known as Avigo PE Investments Ltd) (Resurgence) (holding 63,10,315 equity shares representing 8.05% equity stake in Agilus)…” Fortis Healthcare said.
The company has committed to updating stock exchanges once these subsequent transactions are finalised. Shares of Fortis Healthcare Ltd ended at ₹675.15, down by ₹2.85, or 0.42% on the BSE.
Also Read: Fortis Healthcare to add 400 beds this year, targets double digit revenue growth
