Metropolis Healthcare Ltd - Announcement under Regulation 30 (LODR)-Updates on Acquisition

The Company vide letter dated 16th January, 2020 informed the Exchange(s) regarding the decision of Company to acquire 51% stake at a consideration of Rs.9,36,30,000/- in Shraddha Diagnostic Centre (I) Private Limited from its Promoters (Seller) vide Shareholders' Agreement and Share Purchase dated 16th January,2020 entered between the Company, SDCIPL and its promoters. <BR> <BR> The closure of transaction was subject, to certain conditions precedent as specified in the Share Purchase Agreement (SPA) to be fulfilled on or before the amended long stop date, as per the supplemental share purchase agreement. The promoters of SDCIPL have conveyed that they cannot fulfil certain conditions precedent due to which the closing could not be completed, which is a breach of Warranty. Therefore, the promoters of SDCIPL have communicated to the Company their intent to terminate the said SPA and accordingly the proposed acquisition stands closed.