Vijaya Diagnostic Centre Limited (NSEI:VIJAYA) agreed to acquire remaining 37.863718% stake in Medinova Diagnostic Services Limited (BSE:526301) for approximately INR 130 million on June 26, 2024. As per the transaction, Vijaya Diagnostic Centre Limited will issue 1 share for every 22 shares held in Medinova Diagnostic Services Limited. The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board, approval of offer by acquirer shareholders, approval of offer by acquirer board, approval of offer by target shareholders and approval/consents of lenders/creditors.

The deal has been approved by the board of directors of Vijaya Diagnostic Centre Limited and Medinova Diagnostic Services Limited. The indicative timeline towards the completion of the Merger will be 9 to 12 months. Price Waterhouse & Co.

LLP acted as overall transaction advisor, Kunvarji Finstock Private Limited acted as fairness opinion provider to Vijaya Diagnostic Centre Limited and Fortress Capital Management Services Private Limited acted as fairness opinion provider to Medinova Diagnostic Services Limited. Y. Suryanarayana of YSN Law Offices acted as legal advisor to Vijaya Diagnostic Centre Limited.