Thyrocare Divests Radiology Arm for ₹141.4 Cr

Thyrocare Technologies, a diagnostic chain owned by PharmEasy, has greenlit the sale of its entire interest in its wholly-owned subsidiary, Nueclear Healthcare Ltd (NHL), to Trovera Healthcare. This significant transaction is valued at approximately ₹141.4 crore and will be settled through a combination of cash and stock.

Under the terms of the agreement, Thyrocare will transfer 1.11 crore equity shares, representing 100% of NHL's issued and paid-up capital, to Trovera. Trovera is set to provide ₹81.9 crore in cash and will also issue 42,500 convertible preference shares (CCPS) worth ₹59.5 crore to Thyrocare. These CCPS, priced at ₹14,000 each, will convert into approximately 4.5% of Trovera's share capital on a 1:1 basis.

The divestment is motivated by the considerable investment required for NHL's radiology and diagnostic-imaging operations, including equipment, technology, and infrastructure. By exiting this segment, Thyrocare aims to redirect its capital and management focus towards its core pathology services. The deal is anticipated to be finalized on or before November 30.

In a related move, Thyrocare's board also approved purchasing land and buildings in Gurugram and Hyderabad from NHL for ₹20.59 crore. These properties are currently leased by Thyrocare for its diagnostic laboratories. This acquisition is expected to be completed concurrently with, or before, the sale of NHL. The company had initially explored exiting the radiology business, which contributed 5.38% to Thyrocare's total turnover in FY26, due to underperformance and ongoing investment demands.