Medinova Diagnostic Services Ltd Share Price

History of Medinova Diagnostic Services Ltd

Medinova Diagnostic Services Ltd (MDSL), incorporated in Mar.'93, commenced business on 26 Mar.'93. It belongs to Standard Organics group. The Company is engaged in providing comprehensive range of diagnostic services spanning pathological investigations, radiology & imaging, conventional, specialized lab services and diagnostic cardiology. MDSL has acquired the business and undertaking of the diagnostic services division of Standard Medical & Pharmaceuticals (SMPL) as a going concern together with assets and liabilities from 1 Apr.'93. It has four main diagnostic centres in Hyderabad, Bangalore, Pune, and Kolkata apart from mini/medium-sized franchise centres at Karimnagar, Mancherial, Vizag, Nellore. MDSL came out with a public issue of 67.50 lac equity shares at par, aggregating R ...s 6.75 cr, in Nov.'93. The company has installed three magnetic resonance imaging units and other equipment with the latest technology in diagnostic centres in Hyderabad and Bangalore, at a capital outlay of Rs 10 cr. MDSL has completed a consultancy assignment for an overseas project in Abuja, Nigeria, earning valuable foreign exchange. A new CT machine was installed in Hyderabad in Feb.'95. In the year 1996-97 the company Medinova- Hyderabad has achieved the ISO 9002 Certification. With this the Company was the first to obtain ISO 9002 certification in the field of medical diagnostics. The company has opened a medium sized Centre at Pimpri (Pune) as a part of its expansion plan. During 1998-99, The Company installed a Magnetic Resonance Imaging Unit (MRI) and the latest model of Auto Analyser Hitachi 902 at the Hyderabad Unit and a Color Doppler SONOS 2500 supplied by M/s Hewlett Packard has been installed at Kolkata Centre. A new CT scan machines was installed at Pune and Kolkata and a Cardiac equipment at Bangalore was also installed. A new and innonvative health schemes has to be flagged off to increase the revenues for the company. A new Cell Counter Machine for Haematology Department was installed in 2005; new Auto Analyser for Biochemistry Department was installed during 2006 at Kolkata centre; new Ultrasound Machine got installed in 2007 at Kolkata centre. In 2008, it installed new Auto Analyzer, Cell Counter and Semi Auto Analyzer machines at Pune and Hyderabad Centres. Equipments like Ultrasound, System, Digital Color Doppler and X Ray were acquired in 2009. Further, equipments such as Computed Radiography System and Semi Auto Analyzers got launched to upgrade the centres in 2010. Colour Droppler, Ultra Sound and Stress Test Machines were acquired in 2011. The Centres got upgraded by acquiring new CT Machine, Digital X-ray & Ultrasound Scanners in 2012. During the year 2014, Bangalore Unit of the Company was sold/transferred as-a-going-concern, on slump sale basis together with all its assets and liabilities, to M/s. Mallya Hospital (Purchaser) for a total consideration of Rs.715 lakhs, through which the transaction got completed and the sale became effective from January 31, 2014. Post sale of the Bangalore unit, the Company's retained business include the diagnostic service centres at Hyderabad, Pune, Kolkata and a mini centre at Bansdroni (Kolkata). Similarly, in 2014, M/s. Vijaya Diagnostic Centre Private Limited acquired 24.54% shares of the Company equivalent to 29.01% (29.16% of Voting Capital of MDSL) shareholding from the erstwhile Promoter M/s. Standard Medical & Pharmaceuticals Limited and made open offer for additional 26% of the Equity Shares. Consequently, M/s. Vijaya Diagnostic Centre Private Limited after completion of the open offer and acquisition of shares acquired the Management Control and became the Promoter of the Company.