Bajaj Finserv to acquire 100% stake in Vidal Healthcare for ₹325 crore

The acquisition of Vidal Healthcare expands Bajaj Finserv's capabilities in the healthcare space, empowering it to service consumer needs for hospitalization, one of the largest healthcare spends categories, the statement read.

"As health-tech changes the dynamics of healthcare administration in India, we are excited to be part of Bajaj Finserv as it enables us to bolster our technology capabilities and fuel quality focused expansion. This transaction underscores our commitment to staying at the forefront of the industry in providing innovative and flexible solutions to our customers. We look forward to this new chapter and the opportunities this transaction brings for both organisations and their people," said Girish Rao, Chairman and Managing Director at Vidal Health.

JM Financial Ltd acted as the exclusive financial advisor for Bajaj Finserv Health, while Ernst & Young conducted Financial and Tax Due Diligence and Chitale Legal were the legal advisors.

PwC Corporate Finance acted as the exclusive financial advisor to Vidal Health, while Ernst & Young provided Tax advisory and Shardul Amarchand Mangaldas were the legal advisors.

On the earnings front, Bajaj Finserv on Tuesday reported a 21% year-on-year increase in consolidated net profit at ₹2,158 crore for the third quarter of the current fiscal, driven by strong growth in the arm Bajaj Finance. The company's consolidated revenue rose 34% at ₹29,038 crore as against ₹21,755 crore in the same period last year.

Interest income for Q3 rose 33.5% YoY to ₹13,922.38 crore, while premium and other operating income from the insurance business grew by over 35% to ₹12,309 crore.

Shares of Bajaj Finserv Ltd settled 2.80% lower at ₹1,591.10 per share today. The stock has fallen 5% so far this year while it has risen nearly 20% in the last one year.