Arvaya Healthcare approves Rs 15.48 crore acquisition of SIGPL via share swap

What Arvaya Healthcare announced

On 11 July 2026, the Board of Directors of Arvaya Healthcare Limited (formerly Bijoy Hans Limited) met via video conference and approved a series of strategic actions. The headline decision was the acquisition of 100 % of the equity of Sushodha Institute of Gastroenterology Private Limited (SIGPL). The board also cleared a preferential issue of shares to fund the deal, a rights issue of up to Rs 210 crore, and a change of the company’s registered office from Assam to Maharashtra.

Details of the SIGPL acquisition

The acquisition targets the entire share capital of SIGPL – 1,84,374 equity shares of Rs 10 each. The total purchase consideration is Rs 15,48,74,160 (approximately Rs 15.48 crore). Rather than a cash outflow, Arvaya will settle the consideration by issuing its own shares. The valuation, performed by Mr Shreyas Bharat Ohara, a registered valuer (IBBI/RV/06/2019/11474), supports the price and confirms that the transaction is being executed at arm’s length.

Funding mechanism: preferential share issue

To fund the acquisition, the board approved the issuance of up to 38,71,854 fully paid‑up Arvaya shares (face value Rs 10) at a price of Rs 40 per share, which includes a premium of Rs 30 per share. This preferential issue will be made on a private‑placement basis to the shareholder of SIGPL. The issue price is not to be lower than the floor price as determined under the SEBI ICDR Regulations, 2018. The share issuance will dilute existing shareholders, although the filing does not quantify the dilution impact.

Additional capital raise: rights issue

In parallel, the board sanctioned a rights issue of specified securities to eligible equity shareholders, with a maximum aggregate amount of Rs 210 crore. The rights issue will be managed by a newly constituted Rights Issue Committee comprising Mr Kaushal Uttam Shah (Chair), Mr Salil Shetty, and Mr Rahul Ravindra Mayur. Details of the rights issue, including the record date and subscription terms, will be communicated later and are subject to the usual regulatory approvals.

Key facts at a glance

Why this matters for investors

The acquisition expands Arvaya’s footprint in the gastroenterology segment, adding SIGPL’s assets and client base to the group. Funding the deal through a share swap avoids a large cash outflow but increases the total share count, which could dilute earnings per share for existing shareholders. The concurrent rights issue signals the board’s intent to raise additional capital, potentially to fund integration costs or future growth initiatives. Both transactions are contingent on shareholder approval and any required regulatory clearances, meaning they are not final until those conditions are satisfied.

Conclusion

Arvaya Healthcare’s board has cleared a Rs 15.48 crore acquisition of SIGPL, to be financed by issuing 38.71 lakh new shares at Rs 40 each. The company also approved a rights issue of up to Rs 210 crore and relocated its registered office to Maharashtra. Completion of the acquisition and the rights issue will depend on shareholder and regulatory approvals, after which the enlarged entity will move forward with its growth strategy.