HCG to increase stake in BACC Healthcare; stocks gain 2%

Shares of HealthCare Global Enterprises (HCG) gained 2% on Friday after the company, in its filing to the exchanges, informed that it will increase its stake from 50.1% to 100% in its arm BACC Healthcare.

The company currently holds 50.1% of the share capital of BACC, which it acquired in March 2013, HCG said in a press note after market hours to the exchanges. Accordingly, the company shall acquire the remaining 46,695 equity shares, constituting 49.9% of the share capital of BACC from Dr. Kamini A. Rao, the company added.

BACC operates fertility treatment centers under the brand Milann. Dr. Rao will continue to serve as the Medical Director of Milann, the company added.

Healthcare Global Enterprises Ltd's share price is currently trading at Rs193.40, up by Rs4.45 or 2.36%, from its previous closing of Rs188.95 on the BSE.

The scrip opened at Rs187 and has touched a high and low of Rs201 and Rs187, respectively. So far 6,610 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs1,660.65cr.