M&A

M&A

Dr Agarwal’s Eye Hospitals to merge with parent Dr Agarwal’s Health Care

Press Release   Business Line  

Chennai-based healthcare services provider Dr Agarwal’s Eye Hospital (AEHL) is merging with its listed parent Dr Agarwal’s Health Care Ltd (AHCL).AHCL will issue and allot 23 new equity shares of the face value of INR 1/- each, credited as fully paid-up, for every 2 equity shares of the face value of INR 10/- each fully paid-up held by the eligible shareholders in AEHL (other than AHCL’s existing stake).Additionally, AEHL has also approved a preferential issue of approximately INR 70 crores, comprising 1,32,827 equity shares at an issue price of INR 5,270 per share, representing 2.7% of AEHL’s equity share capital.Kotak Investment Banking is the transaction advisor and fairness opinion provider to AHCL for the Scheme. Motilal Oswal is the fairness opinion provider to AEHL for the Scheme. PwC Business Consulting Services LLP and Bansi S. Mehta Valuers LLP, the independent valuers, acted as the valuation advisors and have recommended the share exchange ratio for the Merger. Trilegal acted as the legal advisor.