Thyrocare Technologies Limited announced the divestment of its entire shareholding in Nueclear Healthcare Limited (NHL), its wholly-owned subsidiary, for an aggregate consideration of approximately ₹1,414 crore. The transaction involves selling 1,11,11,000 equity shares to Trovera Healthcare Private Limited. This strategic move allows Thyrocare to exit the radiology business and focus its capital and management attention on its core pathology business. The deal includes a share swap component and cash consideration, subject to shareholder approval.
Thyrocare Divests Entire Radiology Business
Thyrocare Technologies Limited has announced a significant strategic decision to divest its entire stake in Nueclear Healthcare Limited (NHL), its material wholly-owned subsidiary. The Board of Directors, at its meeting on September 21, 2026, approved the sale and transfer of 1,11,11,000 equity shares, representing 100% of NHL’s equity share capital, to Trovera Healthcare Private Limited (Trovera). This move marks Thyrocare’s exit from the radiology and diagnostic imaging business operated through NHL.
Deal Rationale and Financials
The decision to divest follows an evaluation of the radiology business’s requirement for continued investment in equipment, technology, and infrastructure. By exiting this segment, Thyrocare aims to enhance its focus on its core pathology business, optimizing capital allocation and management attention. The total consideration for the sale is approximately ₹1,414 Crore. This amount comprises 42,500 Compulsorily Convertible Preference Shares (CCPS) of Trovera, valued at ₹59.50 Crore, and a cash consideration of approximately ₹81.90 Crore. The valuation was based on a fair valuation of NHL by M/s. V. B. Desai Financial Services Limited.
Acquisition of Trovera CCPS
As a partial consideration for the sale of NHL, Thyrocare will acquire 42,500 CCPS of Trovera. These CCPS have a face value of ₹10 each and are issued at a premium of ₹13,990, making the issue price ₹14,000 per CCPS. This acquisition is directly linked to the NHL divestment and is considered an arm’s length transaction.
Property Purchase and Future Focus
In conjunction with the sale of NHL, Thyrocare also approved the purchase of immovable properties (land and buildings) currently operated by NHL in Gurugram, Haryana, and Hyderabad, Telangana. These properties will be acquired from NHL for an aggregate consideration of ₹20.59 Crore. This purchase ensures continued ownership of key operating premises. Upon completion of the proposed transaction, NHL will cease to be a subsidiary of Thyrocare, allowing the company to concentrate fully on its pathology services.
The proposed transaction is subject to the approval of Thyrocare’s shareholders and other applicable regulatory approvals. The completion of the sale is expected by November 30, 2026.
Source: BSE
