On April 15, 2024, Elpro International Ltd informed in an exchange filing that the company acquired a stake in the healthcare service provider Thyrocare Technologies Limited.
On Monday, Elpro International Ltd acquired 89,435 equity shares in Thyrocare Technologies Limited. Previously, Elpro International held 39,983 equity shares in Thyrocare Technologies. With this fresh acquisition, Elpro International’s current holdings in Thyrocare increased to 1,29,418 equity shares.
The nature of consideration for the acquisition was cash. The cost of acquisition amounted to ₹5.53 crore.
Thyrocare Technologies is the first fully automated diagnostic laboratory in India. It focuses on offering quality services at affordable costs to hospitals and laboratories not just in India but also in other international regions.
Thyrocare Technologies Limited operates with a Central Processing Laboratory (CPL) in Mumbai – India, for esoteric tests and a Regional Processing Laboratory in major metro cities of India. They have focused on strong technologies, strong brands and strong systems that enable their clients to use the best of science and technology at an affordable cost.
Thyrocare Technologies Limited reported a turnover of ₹535.09 crore in FY 2023, ₹618.11 crore in FY 2022 and ₹507.05 crore in FY 2021.
This is the second acquisition for Elpro International in this financial year. On April 3, 2024, the company acquired 1,34,250 equity shares in Religare Enterprises Limited, totalling its holdings to 2,96,045 equity shares. Elpro International acquired the shares of Religare Enterprises Limited for ₹3.03 crore.
Elpro International Limited is involved in various businesses, such as the manufacturing of surge arresters, equity investment in third parties, construction and development of real estate properties and windmill operations.
On April 16, 2024, the share price of Elpro International Limited opened at ₹91.00, touching the day’s low at ₹88.48, as of 11:02 AM on the BSE.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Apr 16, 2024, 2:16 PM IST
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