Shares of Thyrocare Technologies hit a 21-month high of Rs 722 as they rallied 12 per cent on the BSE in Wednesday’s intraday trade amid heavy volumes, after the company completed the acquisition of Think Health Diagnostic Private Limited (Think Health).
The stock of the healthcare service provider surpassed its previous high of Rs 690.30, touched on January 12, 2024. It is trading at its highest level since June 2022. Besides, it had hit a record high of Rs 1,465 on June 25, 2021.
At 11:21 AM, it was quoting 8 per cent higher at Rs 691.10 as compared to 0.6 per cent decline in the S&P BSE Sensex. Average trading volume on the counter jumped multiple-fold with a combined 1.4 million equity shares having changed hands on the NSE and BSE till the time of writing of this report.
In an exchange filing, Thyrocare said the company has completed the acquisition of Think Health by way of purchase of 100 per cent equity shares from all the existing shareholders on February 27, 2024. Consequently, Think Health has become a wholly-owned subsidiary company of Thyrocare w.e.f. February 27, 2024.
Thyrocare had entered into a share purchase agreement with Think Health and their existing shareholders on February 1, 2024 to acquire 100 per cent stake in the company by way of purchase of equity shares from all the existing shareholders.
Think India is engaged in the business of providing phlebotomy services, analytical services with reference to patients reports (for patients engaged through phlebotomy services), and healthcare paramedical services (including providing at-home ECG testing services).
With this acquisition, the company aims to enter into a new line of business of offering ECG testing services at home,
The company said it acquired Think Health to strengthen its offering for the insurance segment with the additional capability of ECG at home. This will allow the company to give its insurance partners a one-stop solution for blood and ECG testing and will further deepen presence in the premedical checkup, pre-policy medical checkup and the annual health checkup market.