Moneycontrol
Apr 21, 2017 01:53 PM IST | Source: Reuters

Narayana Hrudayalaya to buy NewRise Healthcare

The acquisition will help expand its footprint in Gurugram in northern India, Narayana Hrudayalaya said on Friday.

Narayana Hrudayalaya to buy NewRise Healthcare

Healthcare services provider Narayana Hrudayalaya Ltd said it would buy NewRise Healthcare Private Ltd from Panacea Biotec Ltd for an enterprise value of 1.80 billion rupees ($27.87 million).

The acquisition will help expand its footprint in Gurugram in northern India, Narayana Hrudayalaya said on Friday.

NewRise Healthcare, the 230-bed multi-speciality hospital, is in final stages of completion, and is likely to be commissioned in the next nine months, Bengaluru-based Narayana Hrudayalaya added.

On a separate note, Panacea Biotec said its associate company PanEra Biotec Private Ltd would sell all of its preference shares in NewRise Healthcare to Narayana Hrudayalaya.

Shares of New Delhi-based Panacea Biotec jumped as much as 9.8 percent, to their highest since March 2, while Narayana Hrudayalaya's stocks were little changed.
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