Malabar Institute of Medical Sciences Ltd to acquire Cantown Infra Developers LLP

Malabar Institute of Medical Sciences Ltd ("MIMS"), a material subsidiary of Aster DM Healthcare Limited ('the Company') has entered into an agreement to acquire 99.99% stake in Cantown Infra Developers LLP on January 14, 2023.

Cantown Infra Developers LLP owns land next to the Boundary of Aster MIMS Kannur, the entity has no turnover in FY21-22 except for rent received from letting the land out for car parking facility to Aster MIMS Kannur.

Aster MIMS Kannur has reached its maximum possible capacity. Considering the huge potential and possibilities, it is proposed to expand the capacity of Aster MIMS Kannur for which additional land is required therefore it is proposed to acquire Cantown Infra Developers LLP.

Cantown Infra Developers LLP has land next to the boundary of Aster MIMS Kannur Hospital and is the best suited to build more capacity and add beds to expand the hospital and generate additional revenue.

The land is currently let out to Aster MIMS Kannur, a unit of MIMS for the purpose of parking facility.

The cost of acquisition is INR 15,22,79,770.00.

Shares of Aster DM Healthcare Limited was last trading in BSE at Rs. 221.90 as compared to the previous close of Rs. 224.25. The total number of shares traded during the day was 14825 in over 622 trades.

The stock hit an intraday high of Rs. 226.20 and intraday low of 221.00. The net turnover during the day was Rs. 3296908.00.

Source : Equity Bulls

Keywords

AsterDMHealthcare INE914M01019 MalabarInstituteofMedicalSciences Acquisition CantownInfraDevelopers Land Kannur