Fortis Healthcare Ltd has taken a significant step to expand its footprint in the diagnostics sector by acquiring 5,970,149 equity shares from the International Finance Corporation (IFC). This transaction represents a 7.61% equity stake in Agilus Diagnostics Ltd, a key subsidiary of the healthcare giant. The deal, valued at ₹429.37 crore, was finalized at an agreed price of ₹719.2 per share, as per the shareholders’ agreement dated December 20, 2024.
In its regulatory filing to the stock exchanges, Fortis Healthcare stated, “On December 20, 2024, at 07:18 PM (IST), the company acquired 5,970,149 equity shares held by IFC, representing a 7.61% equity stake in Agilus Diagnostics Limited.”
Broader Acquisition Strategy Unveiled
This acquisition is part of a larger plan to consolidate Fortis Healthcare’s control over Agilus Diagnostics. The company plans to acquire a total of 31.52% equity in Agilus, including stakes held by other key investors.
In addition to the 7.61% stake from IFC, Fortis will purchase 23.91% equity collectively owned by NYLIM Jacob Ballas India Fund III LLC (NJBIF) and Resurgence PE Investments Ltd. NJBIF holds 15.86% of Agilus’s equity, amounting to 1,24,37,811 shares, while Resurgence PE Investments, formerly known as Avigo PE Investments, owns 8.05%, or 63,10,315 shares.
Fortis Healthcare assured stakeholders that updates on the remaining transactions would be communicated upon their completion.
A Glimpse into Agilus Diagnostics
Established in 1995, Agilus Diagnostics has grown into India’s largest diagnostic services provider, with an extensive network across the country. As of November 30, 2024, Agilus operates 407 laboratories, over 4,000 customer touchpoints, and 14,000 pickup points across 532 districts in 30+ states and union territories. The company also boasts international operations, with state-of-the-art laboratories in Dubai and joint ventures in Nepal.
Stock Performance
Shares of Fortis Healthcare Ltd were trading at ₹677.20 on the BSE, marking a minor decline of 0.12% by the end of the trading session on December 20.
With this strategic acquisition, Fortis Healthcare aims to solidify its position in the diagnostics space, aligning with its long-term growth strategy.
