Dr Lal PathLabs Ltd, a Gurugram-based public diagnostics chain, will spend around Rs 7.7 crore (a little over $1 million at current exchange rate) to acquire two pathological laboratories in Maharashtra.
In a filing with stock exchanges on Monday, Dr Lal said it will acquire M/s Shree Computerised Pathology Laboratory for Rs 4.1 crore and M/s Modern Diagnostics & Modern Lab for Rs 3.6 crore.
Shree operates in Maharashtra’s Yavatmal district, while Modern runs in the Sangli district. In its filing, Dr Lal said the acquisitions will help strengthen its presence in the state.
Shree reported a turnover of Rs 1.25 crore and Rs 1.57 crore for the 2017-18 and 2018-19 financial years, while Modern posted Rs 1.31 crore and Rs 1.65 crore during the same periods.
Dr Lal, backed by WestBridge Capital and TA Associates, expects the acquisitions to be completed within three months. Shares of the diagnostics company ended the day 2.78% down at Rs 1,720 apiece.
The company, founded in 1949 and listed in 2015, has over 190 clinical laboratories and more than 1,700 patient service centres, according to its website.
In the last few years, it has made acquisitions to boost its presence in different parts of the country. In June, it agreed to acquire a 70% stake in a new company based in Indore for not more than Rs 50 crore.
Before that, in April, it agreed to acquire Bawankar Pathology, a sole-proprietorship firm based in Maharashtra’s Bhandara. In 2016, Dr Lal decided to acquire Delta Ria and Pathology, and purchase an additional 10% stake each in two group companies Paliwal Diagnostics and Paliwal Medicare to raise its stake to 80%.