KIMS divests entire holding in Suryateja Healthcare for Rs 2.5 crore

Krishna Institute of Medical Sciences (KIMS) said that it has entered into an agreement to divest its stake in Suryateja Healthcare, a step-down subsidiary of the company.

KIMS, through its subsidiary Sarvejana Healthcare, held 100% stake in Suryateja Healthcare.

The company has has disinvested its entire stake in Suryateja Healthcare in favour of group of doctors - Dr. Karampudi Kamalakar, Dr. Nalamaru Vamsi, Dr. Suresh Kumar Thatipamula, Ms. Divya Puskur, and Dr. Omprakash Tumma (collectively to be called as 'purchaser) - under an agreement to takeover company by transfer of shares.

The purchasers paid a total composite consideration of Rs 2.50 crore.

Suryateja Healthcare had recorded a total income of Rs 16.45 crore and its net worth was Rs (2.17) crore. It had became a step-down subsidiary of KIMS w.e.f 01 April, 2022, hence no consolidation effect arise in P.Y, the company said.

Headquartered in Hyderabad, KIMS Hospitals is one of the largest corporate healthcare groups in Telangana and Andhra Pradesh, providing multi-disciplinary integrated healthcare services, with a focus on tertiary and quaternary healthcare at affordable cost. It has a network of 13 hospitals and 4000 beds spread across Telangana, Andhra Pradesh and Maharashtra.

The company's consolidated net profit rose 18.8% to Rs 97.11 crore on a 37% rise in sales to Rs 564.07 crore in Q2 FY23 over Q2 FY22.

Shares of KIMS fell 0.51% to end at Rs 1500.80 on Friday, 14 January 2023.

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