Aashka Hospitals to Acquire 70% Stake in Rhythm Group Healthcare Businesses

As per the disclosed terms, Aashka Hospitals will subscribe to 7,000 equity shares with a face value of INR 10 each, involving a cash consideration of INR 70,000.

Gandhinagar-based Aashka Hospitals has signed a Memorandum of Understanding (MoU) to acquire a 70% controlling stake in a proposed entity that will consolidate four healthcare businesses operated by the Rhythm Group.

The transaction is structured around the creation of a new corporate entity that will bring the four Rhythm Group businesses, including Rhythm Medical Stores, Rhythm Multispeciality Hospital, Cardioplus Heart Care, and Rhythm Medical & Heart Hospital, under a single structure.

As per the disclosed terms, Aashka Hospitals will subscribe to 7,000 equity shares with a face value of INR 10 each, involving a cash consideration of INR 70,000.

Separately, the Board of Directors of Aashka Hospitals has approved an investment in the proposed subsidiary, Aashka-Rhythm Hospitals Private Limited, through a cash subscription to secure the 70% controlling interest.

The arrangement is expected to provide Aashka Hospitals with majority control over the combined operations, while allowing the existing Rhythm Group stakeholders to retain a minority interest.

Headquartered in Gandhinagar, Gujarat, Aashka Hospitals was incorporated in November, 2012, under the leadership of Bipin Shah, its Chairman and Managing Director. The hospital currently operates a 150-bed tertiary-care facility with 56 ICU beds, a cath lab, modular operating theatres, diagnostic infrastructure and a range of medical and surgical specialties.

Its services include cardiology, cardiovascular surgery, critical care, oncology, neurology, nephrology, gastroenterology, orthopaedics, obstetrics and gynaecology, paediatrics, urology and emergency and trauma care.

The Rhythm healthcare business, meanwhile, has a presence in Kadi, Mehsana district, Gujarat, with Rhythm Multispeciality Hospital among the businesses covered under the proposed consolidation.

The hospital was founded by Dr. Alpesh Prajapati and inaugurated in 2024. It is a 108-bed multispeciality facility offering more than 15 specialties, with services spanning internal medicine, critical care, diabetology, cardiology, respiratory medicine and other medical and surgical areas.

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