Shalby shares rally 6% on board nod to acquire Gurugram hospital for ₹104 crore

Shares of multi-specialty hospital chain Shalby Ltd rallied up to 6% on Wednesday after the company announced the acquisition of a Guragon-based hospital for ₹104 crore.

The healthcare services stock opened higher and rallied further 6% to hit a high of ₹245.85 on NSE. Around 4.43 lakh shares of the company changed hands in morning deals.

The stock later came under selling pressure to squander all the gains and it dropped to a low of ₹223 per share in late morning deals. Shalby shares were trading lower by 4.4% at ₹220 on NSE at 14:15 pm.

The multi-specialty hospital chain on Tuesday informed the stock exchanges that its board has approved the acquisition of a 100% equity stake in Healers Hospital Pvt Ltd for around ₹104 crore.

The strategic investment is part of Shalby’s business growth expansion plans and in continuation of its plans to consolidate the asset base for Sanar International Hospital (P K Healthcare Pvt Ltd) at Gurugram which was acquired in January 2024.

The company mentioned that Sanar International Hospital is operating under leased land held by Healers Hospital. After the acquisition, the business model of Sanar International Hospital will change from a leased model to owned model.

It will also ensure the lifelong continuity of Sanar Hospital at owned- land and unlock the future value of the assets being present at a prime location of Golf Course Road, Gurugram.

The acquisition, which will be through secondary buy‐outs, is expected to be completed in a month. Healers Hospital had a revenue of ₹6.73 crore in 2022‐23.

Shalby Ltd, founded by Dr Vikram Shah, operates 11 multispecialty tertiary hospitals and five Orthopedic Centres across India. The total bed capacity is more than 2,200 beds. It has also diversified into Knee and Hip Implants manufacturing in the United States.

The hospital chain claims to be a leading player in joint replacements by volumes in the world.