Thyrocare Technologies Ltd, a Mumbai-based diagnostic laboratory, is in talks with private equity players to raise up to Rs 240 crore. The company will use the funds to add hi-tech services such as scanning and imaging to its portfolio.
A Velumani, the promoter who holds 95% in Thyrocare, is willing to trade 40% of his stake for a sum of Rs 240 crore. That means he is seeking a valuation of Rs 600 crore for Thyrocare, which runs as a hub-and-spoke model with a single laboratory in Mumbai fed by 600 specimen collection centres.
"I will dilute up to 40% of Thyrocare stake to private equity players for around Rs 240 crore," Dr A Velumani, CEO, Thyrocare Technologies told VCCircle. Thyrocare posted a turnover of Rs 52 crore in 2008-09 with EBIDTA of Rs 30 crore and net profit of Rs 20 crore. The company is planning to offer imaging services in over 20 cities and has earmarked an investment of Rs 10 crore in each city.