Vijaya Diagnostic secures majority stake in Medinova

Stake goes up to 54% from 25% after acquisition of 29% holding of Standard Medical and Pharmaceuticals Ltd

Vijaya Diagnostic Centre Private Limited had secured a majority stake in Medinova Diagnostic Services through off-market acquisition of 2.75 million shares of Medinova held by Standard Medical and Pharmaceuticals Limited (SMPL).

According to a communique to the BSE on Wednesday, the shareholding of Vijaya in Medinova, which held 24.67 per cent stake prior to the acquisition, had gone up to 53.83 per cent following the acquisition of 29.16 per cent stake of SMPL.

Founded in 1981 by Surender Reddy, Vijaya was the first centre of its kind in Hyderabad to offer a comprehensive range of all diagnostic modalities under one roof. Today, it has 14 centres spread across the city. It has also set up centres in Kolkata, Chennai, Warangal and Nizamabad.

Established in 1985, Hyderabad-based Medinova, a listed company, has also created a brand name for itself in medical diagnostics over a period of time. In 2013-14, the company posted a turnover of Rs 11.07 crore and incurred a net loss of Rs 1.95 lakh.