Kaya gains after mulling acquisition of 75% stake in Iris Medical Centre LLC

Kaya rose 1.67% to Rs 957 at 09:55 IST on BSE after the company said that its foreign subsidiary along with its local partner has entered into a share purchase agreement for acquiring 75% stake in Iris Medical Centre LLC situated at Abu Dhabi.

The announcement was made after market hours yesterday, 8 December 2015.

Meanwhile, the S&P BSE Sensex was down 36.80 points or 0.15% at 25,273.53

On BSE, so far 3,266 shares were traded in the counter as against average daily volume of 9,785 shares in the past one quarter.

The stock hit a high of Rs 976 and a low of Rs 952 so far during the day. The stock had hit a record low of Rs 875 on 6 November 2015. The stock had hit a record high of Rs 1,540 on 14 August 2015.

The small-cap company has equity capital of Rs 12.90 crore. Face value per share is Rs 10.

Kaya announced that its foreign subsidiary along with its local partner has entered into a share purchase agreement for acquiring 75% beneficial interest in Iris Medical Centre LLC situated at Abu Dhabi. Iris Medical Centre LLC carries out business of skincare services and operates one clinic in Abu Dhabi, Kaya said. Iris Medical Centre LLC reported revenue of AED 2.24 million as per its last financial statement for half year ended on 30 September 2015, the company said.

On a consolidated basis, Kaya reported net profit of Rs 2.58 crore in Q2 September 2015 on net sales of Rs 88.46 crore in Q2 September 2015.

Kaya is a pioneer in specialized skin care and delivers customized skin care services and products through a combination of qualified dermatologists and US-FDA approved cosmetic dermatological procedures across its chain of skin clinics in India & in Middle East through its step down subsidiary, Kaya Middle East FZE (KME). Over the past 13 years Kaya has increased its reach to 105 skin clinics and 37 Kaya Skin Bars (including Shop in Shop and Stores) across 27 cities in India and has 19 skin clinics in Middle East.

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