Max Healthcare Institute, an equal joint-venture between Max India and Life Healthcare, South Africa, has executed definitive agreements to acquire a controlling stake of 76% in NCR based Pushpanjali Crosslay Hospital (PCH) through a combination of fresh investment and acquisition of shares from existing promoters for an aggregate sum of Rs 2.87 billion.

Situated just 4 kms from Max Super Speciality Hospital in Patparganj, the 340-bedded Pushpanjali Crosslay is located in a prime location along the East Delhi-Ghaziabad-Noida corridor, the company said. The hospital which has the capacity to expand up to 540 beds is NABH and NABL accredited and has been operational since 2010.

PCH was founded by prominent Delhi clinician Dr Vinay Aggarwal along with a cooperative of around 250 doctors and 450 nursing staff. It had reported revenue of Rs. 1.43 billion at an EBIDTA margin of 14% in FY2014.

Shares of the company declined Rs 9.35, or 1.95%, to trade at Rs 470.85. The total volume of shares traded was 53,828 at the BSE (1.53 p.m., Thursday).