Thyrocare Technologies fell 6.5 percent on Monday after startup PharmEasy acquired a 66.1 percent stake in the company for Rs 4,546 crore.

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The stock fell a much as 6.5 percent to its day's low of Rs 1,351 per share on the BSE. It had risen over six percent on Friday's session ahead of the announcement.

This is the first-ever acquisition of a listed company by an Indian unicorn. API Holdings (API), the parent company of PharmEasy, announced the “signing of definitive documents to acquire 66.1 percent stake in Thyrocare from Dr A Velumani and affiliates at a price of Rs 1,300 per share aggregating to Rs 4,546 crore”.

READ MORE: PharmEasy: A tryout's journey through tests to the Thyrocare takeover

The acquirer has also launched an open offer to buy a 26 percent stake in Thyrocare. The transaction is subject to regulatory and other applicable customary approvals. The price for the open offer has also been fixed at Rs 1,300 per share.

Currently, A Velumani holds 66.14 percent in Thyrocare. Velumani will separately acquire a minority stake of less than five percent in API Holdings.

It is the third big-ticket transaction involving an e-pharmacy company — Tata Digital Ltd acquired a majority stake in 1MG Technologies; Reliance Industries invested Rs 620 crore in Chennai-based Netmeds, and late last month, PharmEasy announced the acquisition of Medlife.

While talking to CNBC-TV18 on the dynamics of the deal, Siddharth Shah, co-founder and CEO of API Holdings said, “Thyrocare has an outstanding backend and they are leaders in cost control. PharmEasy is the leader in technology services today for healthcare in India. They will be a complete digital-led holistic healthcare platform in India. I believe that 70 percent of India's population can now be covered with either a medicine or a test with a turnaround time of less than 24 hours with world-class technology and world-class service coming to your doorstep.”

He further noted that API Holdings is planning an IPO in 12-18 months and this acquisition will beef up their portfolio ahead of the listing.

First Published:Jun 28, 2021 11:59 AM IST