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.
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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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