The company completed the acquisition of additional 34,000 equity shares having a face value of Rs 10 each fully paid up of Eqova
Max Healthcare Institute had earlier entered into a share purchase agreement (SPA), shareholders’ agreement (SHA) and other agreements for the acquisition of an equity stake in Eqova Healthcare (Eqova) in a phased manner. Subsequently, the company acquired 26,000 equity shares having a face value of Rs 10 each fully paid up of Eqova representing 26 per cent of the paid-up equity share capital of Eqova in terms of the provisions of SPA.
The company completed the acquisition of additional 34,000 equity shares having a face value of Rs 10 each fully paid up of Eqova representing 34 per cent of the paid-up equity share capital of Eqova consequent to the contractual obligation of the Company to acquire equity shares of Eqova upon exercise of a put option by one of the shareholders of Eqova according to option agreement entered into by the Company, Eqova and such shareholder of Eqova on February 10, 2022.
Eqova has an agreement with Nirogi Charitable and Medical Research Trust (Society) in the form of an exclusive and long-term Medical Services Agreement (MSA), under which it has the right to aid the development of and provide medical services to a 400-bed hospital to be built on 2.1 acres of Society’s land situated at Patparganj, Delhi.
The MSA is valid for an initial term of 30 years from the Signing Date (as defined in the MSA) and shall be extended under the terms of the MSA.
Under phase 1, 250 beds are expected to be commissioned in FY26 and the hospital will have high-end medical programmes such as oncology, and organ transplant and offer multidisciplinary care in the area of cardiac sciences, neurosciences, renal sciences, etc. 150 beds will be operationalised in phase 2 after commissioning of phase 1. The Hospital, once fully operational, shall directly employ ~2,000 people and provide free treatment to ~60,000 patients belonging to the economically weaker section annually in its inpatient and outpatient departments and through this Hospital, the Company will cater to the quality healthcare needs of the East Delhi community.
