Vijaya Diagnostic Centre Limited has announced significant leadership changes and board appointments following its board meeting held on February 13, 2026. The company has strengthened its management team with key appointments across critical functions while also expanding its board with two new independent directors.

Leadership Team Restructuring

The company has appointed three senior executives to key positions effective February 13, 2026. Ankit Shah has been appointed as Chief Financial Officer, bringing over two decades of experience in finance, investment analysis, and healthcare finance. He previously served as Group Chief Financial Officer at Incor Hospitals Private Limited and has extensive expertise in strategic business planning, fundraising, and mergers and acquisitions.

Sai Siva Prasad has been appointed as Chief Technology Officer, bringing over two decades of experience in driving large-scale digital transformation across healthcare, BFSI, IT services, and automotive sectors. He holds a B.Tech in Computer Science and M.Tech from BITS Pilani, along with executive leadership certification from IISc.

Venkata Siva Rama Raju Vegesna has been appointed as Chief Operating Officer. A Chartered Financial Analyst with an MBA in Finance, he previously served as Senior Vice President - Operations at KIMS Hospitals and was earlier associated with Vijaya Diagnostic Centre from 2019 until November 2025.

Board Expansion with Independent Directors

The board has approved the appointment of two new independent directors for a five-year term, subject to shareholder approval. Mr. Ravi Shankararamiah, a Senior Advocate with over four decades of experience in taxation and corporate law, has been appointed as Non-Executive Independent Director. He was designated as Senior Advocate by the High Court of Andhra Pradesh in August 2009.

Dr. Sasikala Paruchuri Kola, a senior Consultant Gynaecologist and Obstetrician with over three decades of experience, has also been appointed as Non-Executive Independent Director. She has held key leadership positions in professional bodies including FOGSI and OGSII.

CFO Transition and ESOP Grant

As part of the organizational restructuring, S. Ramachandra Reddy has stepped down from the CFO position but will continue serving as General Manager - Finance & Accounts. The transition reflects the company's strategic approach to strengthening its leadership structure.

The board has also approved the grant of 1,15,000 Employee Stock Options under the "VDCL Employee Stock Option Plan 2018" at an exercise price of ₹809 per option. These options are convertible into equity shares of face value ₹1 each and will start vesting after one year from the grant date.

Policy Updates

The board has also revised the Policy for dealing in Related Party Transactions based on audit committee recommendations, ensuring continued compliance with regulatory requirements and corporate governance standards.

Vijaya Diagnostic Centre Limited has completed the allotment of 1,71,792 equity shares to eligible shareholders of Medinova Diagnostic Services Limited, marking the final step in their amalgamation process. The Board of Directors approved this allotment through a Circular Resolution, following the NCLT-approved merger scheme that became effective on November 4, 2025.

Share Allotment Details

The company has successfully allocated shares to eligible Medinova shareholders whose names appeared in the Register of Members as on the record date:

Capital Structure Impact

The share allotment has resulted in an increase in the company's paid-up equity share capital:

Merger Background

The amalgamation scheme was approved by the Hon'ble National Company Law Tribunal, Hyderabad Bench, through its order dated October 13, 2025. The merger resulted in the automatic dissolution of Medinova Diagnostic Services without winding-up, with Vijaya Diagnostic cancelling its 62.02 lakh equity shares (62.14% stake) in Medinova.

Special Provisions for Shareholders

The company has established specific mechanisms to handle various shareholder categories. A trust named VDCL Physical Shareholders Trust has been created for eligible Medinova shareholders who held shares in physical form as on the record date. These shareholders can approach KFin Technologies Limited or the company directly for credit of shares in dematerialized form upon completion of due procedures.

Fractional entitlements arising from the allotment have been consolidated and allotted to Catalyst Trusteeship Limited, an Independent Trustee appointed by the Board. The Trustee will dispose of these consolidated fractional entitlements in the open market and distribute net proceeds to eligible fractional shareholders proportionally.

Corporate Structure Enhancement

The merger has strengthened Vijaya Diagnostic's operational footprint, with Medinova Millennium MRI Services LLP becoming a wholly-owned subsidiary. This Kolkata-based MRI services entity recorded a turnover of approximately ₹2.36 crores in FY2024-25. The newly allotted equity shares rank pari-passu with existing shares and will be listed on BSE Limited and National Stock Exchange of India Limited, subject to necessary approvals.