Health X Platform

Health X Platform Ltd on Wednesday approved a complex corporate restructuring that will see its financial services business carved out into a separate listed company and its main healthcare operating unit merged into the parent. The demerged division, responsible for loans and investments, contributed just 1.1% of the group's ₹1,378 crore consolidated turnover in the year to March. It will be housed in Microsec Resources Private Limited, which will issue one new share for every three held in Health X. Separately, Sastasundar Healthbuddy Ltd, the entity that drives Health X's core drug distribution and e-pharmacy business, will be amalgamated into Health X. Its outside shareholders will receive 85.12 lakh Health X shares in exchange for 45.76 lakh Sastasundar Healthbuddy shares. As a result, the promoter group's stake in Health X will shrink from 74.07% to 58.43%, while public holding rises to 41.57%. The scheme requires approval from stock exchanges, SEBI, the NCLT, RBI, and shareholders.

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** Shares of Sastasundar Ventures SAST.NS climb 8% to 337.90 rupees

** SAST's Q1 consol net profit shot up ~24x helped by a deferred tax gain

** Excluding the gain, profit climbed 24% Y/Y

** Stock, however, down ~18% YTD after gaining 46% in 2023

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

July 29 (Reuters) - Sastasundar Ventures Ltd SAST.NS:

• JUNE-QUARTER CONSOL NET PROFIT 311.5 MILLION RUPEES

• JUNE-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 2.7 BILLION RUPEES

Source text for Eikon: ID:nNSE3smfqD

Further company coverage: SAST.NS

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Sastasundar Ventures Ltd SAST.NS:

• SASTASUNDAR VENTURES LTD- RE-APPOINTMENT OF BANWARI LAL MITTAL AS MD & CEO

Source text for Eikon: ID:nBSE1W8bdq

Further company coverage: SAST.NS