Medinova to sell B'lore facility to Mallya Hospitals

The deal is worth Rs 7.15 cr

Hyderabad-based Medinova Diagnostic Services Limited has decided to sell its Bangalore facility to Mallya Hospitals for Rs 7.15 crore. On Wednesday, the board of directors of the company approved the sale proposal.

Medinova chief operating officer N Ravi Kumar in a filing to the BSE said they had received a proposal to purchase its diagnostic facility last month from Bangalore-based Chaparral Health Services, which manages the Mallya Hospital.

The sale involves all the assets and the liabilities related to the centre, according to the filing.

Post sale of this facility, Medinova would still own similar diagnostic facilities located at Hyderabad, Pune and Kolkata. The diagnostic services provider reported a net loss of Rs 12 lakh on a total revenue of Rs 2.73 crore for the quarter ended December 2013. The firm’s share price on Wednesday fell 14 paise to close at Rs 2.86 on the BSE  from the previous close of Rs 3 per share that has a face value of Rs 10.