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Narayana Hrudayalaya to buy NewRise Healthcare

REUTERS - Healthcare services provider Narayana Hrudayalaya Ltd (NARY.NS) said it would buy NewRise Healthcare Private Ltd from Panacea Biotec Ltd (PNCA.NS) for an enterprise value of 1.80 billion rupees ($27.87 million).

The acquisition will help expand its footprint in Gurugram in northern India, Narayana Hrudayalaya said on Friday.

NewRise Healthcare, the 230-bed multi-speciality hospital, is in final stages of completion, and is likely to be commissioned in the next nine months, Bengaluru-based Narayana Hrudayalaya added.

On a separate note, Panacea Biotec said its associate company PanEra Biotec Private Ltd would sell all of its preference shares in NewRise Healthcare to Narayana Hrudayalaya.

Shares of New Delhi-based Panacea Biotec jumped as much as 9.8 percent, to their highest since March 2, while Narayana Hrudayalaya's stocks were little changed.

($1 = 64.5850 Indian rupees)

(Reporting by Tanvi Mehta in Bengaluru; Editing by Sherry Jacob-Phillips)