Docon Technologies a 100 per cent subsidiary of API, will be the acquirer and shall make an open offer for an additional 26 per cent stake
API Holdings (API), the parent co of digital healthcare brand, (PharmEasy), founded by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Hardik Dedhia and Siddharth Shah, announced the signing of definitive documents to acquire 66.1 per cent stake in Thyrocare Technologies (Thyrocare) from Dr A Velumani and affiliates at a price of Rs 1,300 per share aggregating to Rs 4,546 crores.
The transaction is subject to regulatory and other applicable customary approvals. Docon Technologies, a 100 per cent subsidiary of API, will be the acquirer and shall make an open offer for an additional 26 per cent stake. Dr A Velumani will be separately acquiring a minority non-controlling stake, of less than 5 per cent in API as part of a series of equity investments by existing and new investors of API.
Siddharth Shah commented, “We will provide a world-class customer experience in diagnostics, rivalling our pharmacy experience by leveraging technology, and building on top of the massive scale and truly pan-India presence of Thyrocare. It is our aim to deliver all outpatient healthcare products and services to every Indian within 24 hours.”
Dr A Velumani, CMD, Thyrocare, expressed, “I am excited about this relationship, unique of its kind in the Indian healthcare industry. The unique reach and strength of Thyrocare in diagnostics blended with a young and dynamic team of PharmEasy will bring in better healthcare solutions for common man nationwide.”
