Thyrocare Technologies to Sell Nueclear Healthcare for ₹141.4 Crore; Board Approves Radiology Business Exit

Thyrocare Technologies Ltd has approved the sale of its entire shareholding in Nueclear Healthcare Limited (NHL), a material wholly owned subsidiary operating in the radiology and diagnostic imaging business, for an aggregate consideration of approximately ₹141.40 crore.

The decision, approved at the board meeting held on September 21, 2026, is aimed at allowing Thyrocare to focus its capital and management attention on its core pathology business. The proposed transaction is subject to shareholder and other applicable approvals.

Thyrocare’s ₹141.40 Crore Deal: Key Details

The board has approved the transfer of its entire 100% equity stake in Nueclear Healthcare to Trovera Healthcare Private Limited through a proposed Share Purchase Agreement (SPA).

The consideration will comprise:

• ₹59.50 crore through 42,500 compulsorily convertible preference shares (CCPS) of Trovera, issued at ₹14,000 per share.

• Approximately ₹81.90 crore in cash, subject to working capital adjustments under the SPA.

The consideration is based on a fair valuation of Nueclear Healthcare undertaken by V. B. Desai Financial Services Limited, a SEBI-registered Category-I Merchant Banker.

The SPA has not yet been executed. The company stated that the transaction is expected to be completed on or before November 30, 2026, subject to applicable approvals and fulfilment of conditions.

Why Is Thyrocare Exiting the Radiology Business?

According to the company, Nueclear Healthcare’s radiology business requires continued investment in diagnostic equipment, technology, maintenance and infrastructure.

After evaluating restructuring alternatives, Thyrocare decided to divest its entire stake in the subsidiary and redirect capital and management resources toward its core pathology operations.

For FY26, Nueclear Healthcare reported:

• Revenue of ₹44.62 crore, representing 5.38% of Thyrocare’s consolidated turnover.

• Net worth of ₹83.55 crore, representing 14.27% of Thyrocare’s consolidated net worth, excluding non-controlling interest.

The proposed exit therefore involves a business contributing a relatively small share of consolidated revenue but a more substantial share of reported net worth.

Thyrocare to Acquire Trovera CCPS as Part of the Deal

As part of the transaction, Thyrocare will receive 42,500 CCPS of Trovera Healthcare, representing approximately 4.5% of Trovera’s share capital on a fully diluted basis.

The preference shares are convertible into equity shares at a 1:1 ratio, subject to the terms disclosed by the company. Trovera was incorporated on June 16, 2026, and operates or proposes to operate in healthcare and diagnostic services.

Thyrocare stated that the proposed sale is not a related-party transaction, and Trovera does not belong to Thyrocare’s promoter group.

Thyrocare to Purchase Diagnostic Lab Properties for ₹20.59 Crore

Alongside the proposed divestment, Thyrocare’s board approved the purchase of land and buildings in Gurugram, Haryana, and Hyderabad, Telangana, from Nueclear Healthcare for ₹20.59 crore, excluding applicable stamp duty and registration charges.

Thyrocare currently operates diagnostic laboratories at these premises and pays rent to Nueclear Healthcare. The proposed purchase is intended to secure continued ownership of these operating locations after the radiology subsidiary is sold.

The property transaction is proposed to be completed before or simultaneously with the sale of Nueclear Healthcare. It is subject to shareholder and other applicable approvals and is stated to be on an arm’s-length basis.