April 21, 2017 / 8:02 AM / 3 years ago

India's Narayana Hrudayalaya to buy NewRise Healthcare

April 21 (Reuters) - Indian 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. bit.ly/2oayd4R

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.

$1 = 64.5850 Indian rupees Reporting by Tanvi Mehta in Bengaluru; Editing by Sherry Jacob-Phillips

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below