Vijaya Diagnostic Centre Limited has informed the Exchange regarding 'Noting of Wholly Owned Subsidiary pursuant to Scheme of Amalgamation '.
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The Board of Vijaya Diagnostic Centre has noted the effectiveness of the NCLT-sanctioned scheme of amalgamation of Medinova Diagnostic Services Limited (its 62.14% subsidiary) into itself, effective November 4, 2025, with an appointed date of April 1, 2024. As per the scheme, every 22 equity shares of Medinova (face value INR 10) held by public shareholders will be exchanged for 1 equity share of Vijaya Diagnostic (face value INR 1), with the record date set for November 25, 2025. Vijaya's 62,02,220 shares held in Medinova stand cancelled, and Medinova has been dissolved without winding up. Consequently, Medinova Millennium MRI Services LLP, a Kolkata-based healthcare LLP (turnover ~INR 2.36 crore in FY25), has become a wholly owned subsidiary of Vijaya. The Board also approved the unaudited Q2 and H1 FY26 standalone and consolidated financial results, and authorised share capital was increased to INR 23.05 crore.
This is a positive consolidation move for Vijaya Diagnostic, bringing Medinova's operations fully under its fold and adding a wholly owned subsidiary in Kolkata. Shareholders of Medinova will receive Vijaya shares, leading to a marginal equity dilution; existing Vijaya shareholders gain access to Medinova's business and the MRI LLP subsidiary without any cash outflow.