Docprime, a fully owned subsidiary of PB Fintech, has made a further investment of over Rs 10.8 crore in healthcare and wellness services provider Visit Health (VHPL) for a minority stake.
The board of directors of PB Fintech approved the proposal at a meeting held on Tuesday (November 30, 2021), the company said.
The board has approved further investment of Rs 10,80,94,228 by Docprime Technologies Pvt Ltd in Visit Health Pvt Ltd, PB Fintech said in a regulatory filing. In lieu, VHPL will issue 1,44,511 compulsorily convertible debentures (CCDs) of Rs 748 each to Docprime.
“Docprime is making further investment in Visit Health to acquire a minority stake as part of strategic investments. As VHPL is an associate company, it is a related party of the company. The transaction is done on the basis of a valuation report obtained and is at arm's length,” PB Fintech said.
Docprime, VHPL, and others had entered into a share purchase agreement on September 10, 2021, for this acquisition for a cash consideration, expected to be completed within six months.
The shareholding of Docprime is 30.46 percent on a fully diluted basis.
Visit Health is engaged in the business of providing healthcare and wellness through the website and mobile application. It also provides access to medical services such as diagnostics, OPD, pharmacy through its network partners, and health risk assessment to the subscribers. The company had a turnover of Rs 8.91 crore in FY21.
Besides, the board of directors of PB Fintech also approved the list of eligible employees of the company and its subsidiaries to whom 24,32,500 stock options and 1,54,94,500 stock options would be vested on December 1, 2021.
Shares of recently-listed PB Fintech closed at Rs 1,214.20 apiece on BSE, down 1.18 percent from the previous close.