Fischer Medical Ventures Ltd

Project details

• TM-P, a FMV subsidiary, awarded Catanduanes province-wide digital healthcare project.
• Deployment combines Health Kiosks with PhilHealth-accredited FlynnCare CMS.
• First province-wide implementation of this integrated healthcare model in the Philippines.
• Project aims to digitalize Universal Health Care and improve access and coordination.
• TM-P and FlynnCare plan scalable model for additional municipalities and provinces.
• Exploring similar large-scale opportunities across the Philippines and other markets.
• Potential for recurring revenue through long-term technology support.

Key details

• Target: Fischer Medical Ventures Limited.
• Disclosing party: Shankar Varadharajan (Promoter) with FMV Holdings Pte Ltd; PAC Ravindran Govindan.
• Transaction type: Acquisition via preferential allotment upon warrant conversion.
• Pre-holdings: Shankar Varadharajan 8,60,01,530 shares (12.32%).
• Pre-holdings: FMV Holdings Pte Ltd 35,43,06,910 shares (50.74%).
• Post-transaction holdings: Shankar Varadharajan 8,60,01,530 shares (12.31%); FMV Holdings Pte Ltd 35,47,61,120 shares (50.78%).
• Ravindran Govindan 0% post.
• Date of allotment: 17 August 2026.
• Equity capital before: Rs 69,82,31,260; after: Rs 69,86,85,470.
• Total diluted capital after: Rs 69,86,85,470.

Transaction overview

• Acquirers: Shankar Varadharajan (promoter) and FMV Holdings Pte Ltd (promoter).
• PAC: Ravindran Govindan (promoter group).
• Transaction type: Acquisition via preferential allotment upon warrant conversion.
• Mode/date: Warrants converted; allotment dated 14 August 2026.
• Pre-transaction voting rights: Shankar 8,00,01,530; FMV 34,69,71,001; Ravindran 0.
• Pre-transaction warrants: Shankar 60,00,000; FMV 77,90,119; Ravindran 0.
• Pre-transaction total: 44,07,62,650 shares; 63.00% voting capital; 1.91% diluted.
• Post-transaction voting rights: Shankar 8,60,01,530; FMV 35,43,06,910; Ravindran 0.
• Post-transaction warrants: Shankar 0; FMV 4,54,210; Ravindran 0.
• Post-transaction total: 44,07,62,650 shares; 63.06% voting capital; 63.08% diluted.
• Share capital context: Pre Rs 67,77,25,351; Post Rs 69,82,31,260; Diluted post Rs 69,86,85,470.

Target & Promoters

• Target: Fischer Medical Ventures Limited.
• Acquirers: Shankar Varadharajan (Promoter) and FMV Holdings Pte Ltd (Promoter).
• Promoter PAC: Ravindran Govindan.

Transaction Details

• Mode: Preferential allotment upon conversion of warrants.
• Date of allotment: 13 August 2026.

Pre-Transaction Holdings

• Shankar Varadharajan: 7,85,01,530 voting rights (11.83%), 75,00,000 warrants.
• FMV Holdings Pte Ltd: 33,71,92,784 voting rights (50.82%), 1,75,68,336 warrants.
• Ravindran Govindan: 0 voting rights; 0 warrants.

Post-Transaction Holdings

• Shankar Varadharajan: 8,00,01,530 voting rights; 60,00,000 warrants.
• FMV Holdings Pte Ltd: 34,69,71,001 voting rights; 77,90,119 warrants.
• Ravindran Govindan: 0 voting rights; 0 warrants.
• Total voting rights post: 44,07,62,650 (63.00%).
• Total diluted post: 69,86,85,470 equity shares (63.08%).

Share Capital Context

• Before: Rs. 66,34,47,134 equity shares.
• After: Rs. 67,77,25,351 equity shares.
• Total diluted post: Rs. 69,86,85,470.

Warrant conversion and equity allotment

• Board approved via circular resolution on 17 Aug 2026 for allotment of 4,54,210 equity shares.
• Shares issued at Rs 23.40 per share, including Rs 22.40 premium.
• Warrants converted: 4,54,210; cash received equals 75% of price at Rs 17.55 per warrant.
• Aggregate cash consideration: Rs 79,71,385.50.
• Allotted shares are fully paid up with face value Rs 1.
• Regulatory disclosure under Regulation 30 of SEBI LODR.
• Allotment details include name: FMV Holdings Pte Ltd (Promoter).
• Board approval date: 17 August 2026.
• Issuer: Fischer Medical Ventures Limited; equity increase via warrant conversion.

Resignation details

• Roberto M Pagdanganan, Independent Director, resigns effective close of business hours 14 August 2026 due to personal reasons.
• Sanjay Jayantilal Jain, Independent Director, resigns effective close of business hours 14 August 2026 due to personal reasons.
• Both directors confirm there are no other material reasons for their resignations beyond those stated.
• Resignations cited personal reasons and pre-occupation with other professional commitments.
• No other listed directorships or committee memberships disclosed for either director.

Financial results and reporting

• Approved standalone and consolidated unaudited results for quarter and period ended 30 June 2026.
• Limited Review Reports from Bilimoria Mehta & Co included.
• Results extract annexed; publication in English and Telugu newspapers planned.

Governance changes

• Resigned Independent Directors: Roberto M Pagdanganan and Sanjay Jayantilal Jain, effective 14 Aug 2026.
• Board approved reconstitution of Audit Committee and Nomination & Remuneration Committee.

Capital actions

• Allotment of 2,05,05,909 equity shares at Rs 23.40 per share on preferential basis.
• Subsequent warrants-conversion allotments approved Aug 11–13, 2026.
• Cash receipts from warrants: ₹4.04 cr, ₹11.64 cr, ₹25.06 cr.

Auditor remarks / regulatory notes

• Auditor's Emphasis of Matter on revised comparatives for foreign subsidiaries (Note 5).

Key details

• Target: Fischer Medical Ventures Limited.
• Acquirers: Shankar Varadharajan (promoter), FMV Holdings Pte Ltd (promoter); PAC Ravindran Govindan (promoter).
• Transaction type: Preferential allotment upon conversion of warrants.
• Pre-holdings: Shankar Varadharajan 7,73,01,530 shares (11.77%).
• Pre-holdings: FMV Holdings Pte Ltd 33,17,61,120 shares (50.51%).
• Pre-holdings: Ravindran Govindan 0.
• Total pre-holding: 44,07,62,650 shares (62.28% of diluted capital).
• Post-holdings: Shankar Varadharajan 7,85,01,530 shares (11.83%).
• Post-holdings: FMV Holdings Pte Ltd 33,71,92,784 shares (50.82%).
• Post-holdings: Ravindran Govindan 0.
• Warrants: Shankar 75,00,000; FMV 1,75,68,336; Ravindran 0.
• Allotment date: 12 August 2026.
• Equity share capital before: Rs. 65,68,15,470.
• Equity share capital after: Rs. 66,34,47,134; diluted after: Rs. 69,86,85,470.
• Exchanges: Listed on BSE and NSE.
• Encumbrances: None.

Warrant conversion details

• Board approved conversion of 14,278,217 warrants into equity shares via circular resolution dated 13 Aug 2026.
• Allotted 14,278,217 equity shares at Rs 23.40 per share (Rs 1 face, Rs 22.40 premium).
• Cash received equals 75% of exercise price; Rs 17.55 per warrant; total Rs 25,05,82,708.35.
• Allottees: Shankar Varadharajan (Promoter), 15,00,000 warrants converted.
• FMV Holdings Pte Ltd (Promoter), 97,78,217 warrants converted.
• Vikasa India EIF Fund (Non-Promoter), 30,00,000 warrants converted.
• Total warrants converted: 14,278,217; total consideration received (75%): Rs 25,05,82,708.35.