New Delhi, Sept. 22 -- Thyrocare Technologies Ltd is set to sell its radiology business to a diagnostics firm, roughly a month after the parent company of the Mumbai-listed firm sold a chunk of its shares to clear a portion of its debt.
In a filing to stock exchanges, Thyrocare said the board approved the sale of Nueclear Healthcare Ltd to Trovera Healthcare Pvt Ltd for Rs 141.4 crore (nearly $15 million) in cash-and-stock after evaluating various restructuring options for the radiology business.
For the deal, Thyrocare said it will acquire compulsorily convertible preference shares (CCPS) of Trovera for Rs 59.5 crore and will get the remainder in cash of about Rs 81.9 crore, subject to various adjustments.
Simultaneously, Thyrocare said it will purchase the immovable properties such as land and buildings located in Gurugram and Hyderabad, held by Nueclear for an aggregate sum of Rs 20.58 crore. Thyrocare currently operates its labs through these properties and is therefore retaining them.
Thyrocare has yet to announce the deal's execution date. It expects to conclude the sale by November 30, 2026. Nueclear Healthcare operates a radiology and diagnostic imaging business that requires continued investment in diagnostic equipment, technology, maintenance and infrastructure. The decision to divest will allow Thyrocare to focus its capital and management on its core pathology business, the company said.
In FY26, Nueclear generated a revenue of Rs 44.62 crore, representing 5.38% of Thyrocare's consolidated turnover, while the business' net profit margin was 10.9%, according to the filing.
Mumbai-headquartered Trovera Healthcare, which was incorporated just a few months ago in June, claims to offer healthcare and diagnostic services.
Debt repayment
The deal comes after Docon Technologies Pvt Ltd, the parent of the Mumbai-listed diagnostics firm and online pharmacy Pharmeasy, sold a total of around 15.8 million shares, equating to about 9.9% stake in Thyrocare. In August, the share sale helped API Holdings, the ultimate parent company of PharmEasy and Thyrocare, clear Rs 1,050 crore of debt incurred in connection with the 2021 Thyrocare acquisition. Subsequently, Docon's shareholding in Thyrocare declined to 51.02% from 60.92%.
In 2021, PharmEasy acquired a majority stake in Thyrocare for Rs 4,546 crore ($613 million at the time), buying a 66.1% stake via Docon. However, it incurred significant debt for the acquisition, given Thyrocare's larger size.
Last October, it repaid a portion of the debt worth Rs 500 crore without selling any shares.
Published by HT Digital Content Services with permission from VC Circle.