Docprime, a fully-owned subsidiary of PB Fintech, has made an additional investment of over Rs 10.8 crore in Visit Health (VHPL), which provides health and wellness services for a minority stake. The company said that PB Fintech's board of directors approved the proposal at a meeting on Tuesday (November 30, 2021).
The Board of Directors approved an additional investment of Rs 10.80,94,228 by Docprime Technologies Pvt Ltd in Visit Health Pvt Ltd, PB Fintech said in a regulatory filing. In lieu, VHPL will issue 1,44,511 mandatory convertible bonds (CCDs) worth Rs 748 each to Docprime.
"Docprime is investing more in Visit Health to acquire a minority stake as part of the strategic investments. As VHPL is an associate, it is an associate part of the company. The transaction is carried out on the basis of the valuation report obtained and is at arm's length," PB Fintech said.
Docprime, VHPL and others entered into a share purchase agreement on September 10, 2021 for this cash-for-cash acquisition, which is expected to be completed within six months.
Docprime's contribution is 30.46% on a fully diluted basis.
Visit Health is engaged in the business of providing healthcare and wellness through website and mobile apps. It also provides access to medical services such as diagnostics, OPD, pharmacy through its network partners, and health risk assessments for subscribers. The turnover of the company was Rs 8.91 crore in FY21.
Besides, the board of directors of PB Fintech also approved the list of eligible employees of the Company and its subsidiaries to whom 2,432,500 stock options and 1,54,94,500 stock options would be vested on December 1, 2021.
Shares of recently-listed PB Fintech closed at Rs 1,214.20 apiece on BSE, down 1.18 percent from the previous close.
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