Press Release- Dr. Agarwal''s Health Care Limited and Dr. Agarwal''s Eye Hospital Limited announce merger.
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On August 27, 2025, the boards of Dr. Agarwal's Eye Hospital Limited (AEHL) and its parent Dr. Agarwal's Health Care Limited (AHCL) approved a scheme of amalgamation to merge the two listed group entities into one. Under the swap ratio, AEHL shareholders (other than AHCL's existing 71.9% stake) will receive 23 new AHCL equity shares (face value Re. 1) for every 2 AEHL shares (face value Rs. 10). AEHL also approved a preferential issue of ~₹70 crore at Rs. 5,270 per share (about 2.7% of equity), which will not affect the merged entity's public shareholding. The merger, subject to shareholder and regulatory approvals, is expected to be EPS accretive from year one and was already signalled in AHCL's January 2025 IPO prospectus.
AEHL shareholders will effectively become shareholders of the larger AHCL entity at a fixed swap ratio, gaining exposure to a pan-India network of 230+ facilities versus AEHL's 63-facility Tamil Nadu-focused business. The combination should simplify the group structure and improve capital allocation, but the deal still needs shareholder and regulatory clearances before completion.