The Board of Directors of Fischer Chemic Ltd have considered and approved the acquisition of 100% of the Share Capital of Time Medical International Ventures (India) Private Limited (Target Company).

The Board has approved the execution of a Share Purchase and Share Subscription Agreement between the Company, Time Medical International Ventures (India) Private Limited and their shareholders (SPSSA) and execution of other necessary documents regarding the Proposed Transaction, whereby the Company agrees to acquire 100% of the share capital of the Target Company.

With this acquisition, the company will make an entry into the growing market of diagnostic imaging industry with innovative and disruptive technologies. The acquisition will provide access to entirely new business vertical and shall give advantages of complementary skill sets and result in significant benefits such as, greater market penetration, enhanced product offerings and innovative range of products, entry into new markets, new process learnings, availability of highly skilled man power, input cost optimisation and potential sourcing benefits.

The company will acquire 100% equity stake in Time Medical International Ventures (India) Private Limited upon closing of the transaction ie. 5,60,893 Equity Shares of Rs. 10/- each.

The board approved change in name of the Company from Fischer Chemic Limited to Time Medical Digital Health and Imaging Ventures Limited or such other name as may be made available for adoption by the Central Registration Centre Ministry of Corporate Affairs subject to approval of member and other statutory approval.

Time Medical International Ventures (India) is a leader in the medical diagnostic imaging industry with innovative and disruptive technologies. TMIVIPL is the world leader in developing dedicated MRI systems for niche markets of the neonate, breast, and brain imaging. Company clocked the revenue of Rs. 32 Lakhs for the F.Y 2022-23.