PharmEasy buys 66% stake in Thyrocare Tech, triggers open offer

PharmEasy's parent company, API Holdings on Friday announced that it has signed definitive documents to acquire 66.1% stake in Thyrocare from promoters Dr A Velumani and affiliates for a price of Rs 4,546 crore.

API Holdings on Friday entered into a share purchase agreement with the promoters of Thyrocare, to acquire 3,49,72,999 equity shares of the company representing 66.11% of the expanded voting share capital. The sale of equity shares is proposed to be executed at a price of Rs 1,300 per share as an off-market trade.

The transaction has triggered an open offer for the purchase of an additional 26% stake in the company. The acquirer has made an open offer to the public shareholders of Thyrocare to acquire up to 1,37,55,077 equity shares, constituting 26% of the expanded voting share capital, at a price of Rs 1,300 per offer share, aggregating to a total consideration of Rs 17,88,16,00,100 (assuming full acceptance). The open offer price is at a discount of 10.22% to Thyrocare's Friday closing price of Rs 1488.05 on BSE.

Pursuant to the open offer and the consummation of the underlying transaction (contemplated under the share purchase agreement), the acquirer will gain control over the Thyrocare and the acquirer shall become the promoter of the company.

Shares of Thyrocare Technologies were trading 7.52% lower at Rs 1,339.15 on BSE.

Thyrocare Technologies operates a chain of diagnostic and preventive care laboratories. It reported a consolidated net profit of Rs 37.75 crore in Q4 FY21 compared with net loss of Rs 1.60 crore in Q4 FY20. Net sales during the quarter increased 44.8% year-on-year (YoY) to Rs 146.84 crore.

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