Yatharth Hospital has entered into a definitive agreement with global private equity firm Advent International to secure a ₹3,150.00 crore primary investment. The transaction values the hospital chain significantly as Advent acquires a 24.9% minority stake, subject to customary closing conditions.

The board meeting held on September 17, 2026 approved this preferential issue of equity shares and warrants. This infusion marks one of the largest primary capital injections by a private equity firm in India's hospital sector. The promoter, the Tyagi Family, will remain the largest shareholder.

Transaction Structure

The investment comprises two components issued on a private placement basis:

• Equity Shares: Up to 1,30,26,516 fully paid-up equity shares at ₹985.17 per share, aggregating ₹1,283.33 crore.
• Warrants: Up to 1,89,47,664 warrants at ₹985.17 each. Twenty-five percent (₹246.29) is payable upfront, with the balance 75% (₹738.88) due upon exercise.

Rasmalai Limited, the Cyprus-based entity through which Advent invests, will hold the stake on a fully diluted basis. Upon completion, the investor will be classified as a public shareholder.

Strategic Context

Founded in 2008, Yatharth Hospital operates nine multi-speciality hospitals with approximately 2,800 beds and an announced capacity of ~3,250 beds across North India. The company has expanded through organic growth and strategic acquisitions in the National Capital Region, Madhya Pradesh, and Haryana.

Mr. Yatharth Tyagi, Whole-time Director, stated that the investment validates the platform's strength and long-term vision. He noted that Advent brings deep healthcare expertise and global insights to accelerate the next phase of growth.

Pankaj Patwari, Managing Director at Advent, highlighted the structural growth potential in India's healthcare sector. He emphasized the partnership with the founder-led business to support scalable operations and clinical excellence.

Shareholder Approval Process

To formalize the transaction, the company has scheduled an Extra-Ordinary General Meeting (EGM) for October 15, 2026. The meeting will be conducted via video conferencing. Key resolutions include increasing the authorized share capital from ₹115 crore to ₹150 crore to accommodate the new shares and warrants. Shareholders will also vote on adopting amended articles of association to incorporate special rights granted to the investor and promoter group.

What the Numbers Show

The warrant structure defers significant capital inflow. While the upfront cash consideration includes the full equity value plus only 25% of the warrant value, the remaining 75% of the warrant consideration is contingent on future exercise. This aligns immediate liquidity with long-term equity conversion potential for the hospital chain.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE0JO301016/4b15047b-63b0-4d63-a43c-70e329a43a2f.pdf

Yatharth Hospital 's Co-Managing Director has stated that Advent brings valuable healthcare knowledge, worldwide perspectives, and a strong focus on creating value to help accelerate the company's next growth stage.

Co-MD's remarks on the Advent partnership

The Co-MD's statement underscores the strategic significance of Advent's involvement with Yatharth Hospital. According to the Co-MD, Advent's contribution spans three key dimensions that are expected to support the company's growth ambitions.

The highlights of the Co-MD's statement are as follows:

• Healthcare knowledge: Advent brings deep and valuable expertise in the healthcare sector.
• Worldwide perspectives: The partnership introduces global viewpoints that can inform strategic decisions.
• Value creation focus: Advent maintains a strong emphasis on creating value, which is seen as a key enabler for the company's next growth stage.

The Co-MD's remarks position Advent as a partner that adds both domain depth and strategic breadth to Yatharth Hospital's operations as it looks to advance its growth trajectory.