PharmEasy-owned diagnostic chain Thyrocare Technologies has approved the sale of its entire stake in its subsidiary Nueclear Healthcare Ltd (NHL) to Trovera Healthcare for about ₹141.4 crore. The deal involves transferring 1.11 crore equity shares, representing 100% of NHL’s paid-up equity, to Trovera. The transaction is expected to conclude on or before November 30, according to inc42.com.
Under the terms, Trovera will pay ₹81.9 crore in cash and allot 42,500 compulsorily convertible preference shares (CCPS) worth ₹59.5 crore to Thyrocare. The CCPS, priced at ₹14,000 each, will represent roughly 4.5% of Trovera’s share capital and are convertible into equity shares on a 1:1 basis. Trovera, incorporated in June, was founded by Dr Prince Surana, CEO of Surana Group of Hospitals, and operates in healthcare and diagnostic services.
Thyrocare’s board noted that NHL’s radiology and diagnostic-imaging business requires ongoing investment in equipment, technology, and infrastructure. The divestment will enable Thyrocare to focus its capital and management resources on its core pathology business. This move aligns with sector trends where companies streamline operations to concentrate on core competencies, as seen in other diagnostic firms.
Separately, Thyrocare’s board approved purchasing land and buildings in Gurugram and Hyderabad from NHL for ₹20.59 crore. Thyrocare currently operates diagnostic labs at these locations and pays rent to NHL. The purchase is expected to be completed before the stake sale closes, according to inc42.com.