HCG Mauritius increases stake in HCG Africa

HCG (Mauritius) Pvt. Ltd. ("HCG Mauritius"), a subsidiary of HealthCare Global Enterprises Limited, has acquired 86,568 Preferred B Shares ("Sale Shares") of Healthcare Global (Africa) Pvt. Ltd. ("HCG Africa") from CDC Group PLC ("CDC"), for an aggregate purchase consideration of USD 554,600 (US Dollars Five Hundred Fifty-Four Thousand and Six hundred only).

In this regard, HCG Mauritius, HCG Africa, CDC and the Company (jointly referred to as "Parties") have entered into an Exit Agreement on September 30, 2021 ("Exit Agreement"), for the transfer of Sale Shares from CDC to HCG Mauritius, to be effective from October 01, 2021.

Pursuant to the completion of acquisition of Sale Shares from CDC, HCG Africa has become a wholly owned subsidiary of HCG Mauritius, effective from October 01, 2021. Prior to this acquisition, HCG Mauritius was holding 92% in HCG Africa.

In terms of the Exit Agreement, all the Parties have been fully released from their respective rights and obligations, as provided for in the Shareholders' Agreement executed by and between the Parties on July 21, 2015.

The transaction under the Exit Agreement would not fall within the meaning of related party transaction.

Shares of HealthCare Global Enterprises Limited was last trading in BSE at Rs. 246.2 as compared to the previous close of Rs. 246.55. The total number of shares traded during the day was 23358 in over 827 trades.

The stock hit an intraday high of Rs. 255 and intraday low of 240.35. The net turnover during the day was Rs. 5699451.

Source : Equity Bulls

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