Combined entity will aim to transform healthcare through technology driven solutions and services.
HealthFore Technologies Limited (BSE No: 533525) and Oscar Investments Limited (BSE No: 501179) today announced the approval of the scheme of amalgamation, whereby HealthFore Technologies Limited ("HealthFore") will merge with Oscar Investments Limited ("Oscar"). Pursuant to this scheme, the combined entity will be renamed as HealthFore Technologies Limited. As per the scheme of amalgamation, shareholders of HealthFore Technologies Ltd. will receive 3 shares of Oscar Investments Ltd. for every 20 shares held in HealthFore Technologies Ltd.
The amalgamation will provide HealthFore, access to assets, a stronger capital base and talent pool generated by the merged business which can be deployed more efficiently to drive sustainable organic and inorganic growth, creating long term value for the shareholders and other stakeholders of the combined entity.
The Board of Directors of HealthFore and Oscar have unanimously approved the scheme and will now seek requisite regulatory approvals including the shareholders' approval. The amalgamation will be effective from April 1, 2015, being the Appointed Date, under the Scheme subject to receiving the mandatory approvals.
The Board of Directors strongly believe that the amalgamation will be in the interest of shareholders, creditors and employees of both the organizations and will reposition the combined entity to become a leader in Healthcare Technology space. There is a large growth potential in the healthcare industry. The strong capital base resulting from the amalgamation will enable the company to invest in future technologies that will help develop innovative solutions and services to transform healthcare and provide superior value to its customers.
About HealthFore Technologies Ltd.
HealthFore Technologies Limited, the 'Amalgamating Company', headquartered in Delhi, India, is a global healthcare IT solutions & advisory services company and provides B2B IT solutions to hospital chains, diagnostic centres and public health enterprises to realize superior clinical outcomes. The solutions provided by the company increase productivity and boost revenue for healthcare providers through process automation and collaboration. With + 200 professionals, HealthFore services customers in 15 countries spread across Africa, Middle East and South East Asia.
About Oscar Investments Limited
Oscar Investments Limited, the 'Amalgamated Company', headquartered in Delhi, India, is a Non Banking Financial Company listed on BSE Ltd.