KIMS rises 5% on agreement to acquire stake in SPANV Medisearch Lifesciences

Shares of (KIMS) were trading 5 per cent higher in Tuesday's trade after the company entered into a definitive agreement to acquire a majority stake (51 per cent) in SPANV Medisearch Lifesciences, Nagpur.

On August 29, KIMS said in a release that the company has entered into a definitive agreement to acquire a majority stake (51 per cent) in M/s SPANV Medisearch Lifesciences Private Limited, Nagpur, which is running a Multi-Speciality Hospital in the name of 'Kingsway Hospitals', having over 300+ beds.

Existing promoters and shareholders will continue to hold a balance 49 per cent stake. Post-acquisition, the hospital will be renamed 'KIMS Kingsway Hospitals', KIMS added.

At 10.22 am, the scrip was trading 2.75 per cent higher at Rs 1,216.25 over the last day’s closing of Rs 1.183.70 a piece. The stock has fallen 5.66 per cent in the past one year, and is down 18.82 per cent so far in 2022.