Thyrocare Technologies in its filing to the exchanges informed that its board has decided to separate arm Nuclear Healthcare after valuation report obtained from a merchant banker.
On May 18, the auditors had pointed the impairment of the aforesaid arm. The company’s Chairman and Managing Director Dr. A. Velumani offered to buy the entire shareholding of the this at a current investment value of Rs194.67cr to ensure that no loss is done to public shareholders, the company said in a press note released after markets hours to the exchanges on Thursday.
Both the Audit Committee and the Board of Directors have unanimously decided that the company has to determine whether it would be beneficial for the company to hive off the subsidiary or retain it, and for this purpose, it would be advisable to obtain one more valuation report to ensure that the valuation of the subsidiary has been correctly ascertained, the company added.
“The committee decided to appoint a SEBI approved merchant banker to submit a valuation report, within the shortest possible time, and then take a decision,” Thyrocare said in a press note.
Thyrocare Technologies Ltd’s share price ended at Rs481, up by Rs1.15 or 0.24%, from its previous close of Rs479.85 on the BSE.