One Global Service Provider Acquires 51% of Matrix Labs

One Global Service Provider Limited has approved the acquisition of 51% stakes in Matrix Labs Diagnocare Private Limited and Matrix Labs Private Limited for aggregate consideration of ₹39.54 crore, to be paid entirely through a preferential share issue. The transaction would add two Chennai-based diagnostics businesses to its healthcare portfolio once the required approvals and closing conditions are met.

What has One Global Service Provider approved?

One Global Service Provider has approved the purchase of controlling 51% equity stakes in Matrix Labs Diagnocare Private Limited and Matrix Labs Private Limited. The board approved the proposed transactions on September 3, 2026, and the company executed share purchase agreements on the same date.

The proposed acquisition covers 13,321 equity shares in Matrix Labs Diagnocare Private Limited and 2,550 equity shares in Matrix Labs Private Limited. Both target companies are headquartered in Chennai, Tamil Nadu. On completion, they are expected to become subsidiaries of One Global Service Provider.

The aggregate consideration is ₹39.54 crore. Matrix Labs Private Limited accounts for ₹3.56 crore of this amount, while Matrix Labs Diagnocare Private Limited accounts for ₹35.98 crore. The transaction was disclosed under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations on September 3, 2026.

How will One Global Service Provider pay for Matrix Labs?

One Global Service Provider will settle the consideration through a non-cash share swap rather than through a cash payment. The company initially proposed issuing up to 715,040 fully paid-up equity shares, with a face value of ₹10 each, at an issue price of ₹553 per share.

Following queries from BSE Limited during the in-principle approval process, the board revised the preferential issue on September 18, 2026. The revised proposal provides for the issue of 706,068 fully paid-up equity shares, while the total acquisition consideration remains unchanged at ₹39.54 crore.

The company disclosed revised prices of ₹560.13 per share for Matrix Labs Diagnocare Private Limited and ₹558.99 per share for Matrix Labs Private Limited, compared with the earlier price of ₹553. The stated purpose of the revision was to ensure compliance with the SEBI Issue of Capital and Disclosure Requirements Regulations.

What do the Matrix Labs businesses contribute?

The two targets operate in the medical diagnostics segment, an area One Global Service Provider has identified as part of its healthcare and in-vitro diagnostics strategy. Matrix Labs Diagnocare Private Limited reported FY25 turnover of ₹171.30 crore, while Matrix Labs Private Limited reported FY25 turnover of ₹8.92 crore.

The disclosed FY25 turnover figures show that Matrix Labs Diagnocare is the larger operating business among the two entities. Its reported turnover is also substantially higher than the consideration allocated to it under the proposed transaction. The company has not disclosed further financial metrics, such as profit, debt, margins or post-acquisition consolidation estimates, in the material provided.

One Global Service Provider said the acquisition is intended to strengthen its presence in healthcare and diagnostics, expand its technology offerings, and capture operational synergies. These stated objectives remain subject to the transaction being completed and the businesses becoming subsidiaries.

Why does the acquisition matter for shareholders?

The acquisition marks a further step in One Global Service Provider's transition towards healthcare-related services. The company, formerly known as Overseas Synthetics Limited, has moved away from its earlier cloth-industry background after a change in management and has expanded its healthcare ecosystem through the amalgamation of Plus Care Internationals Private Limited.

For shareholders, the transaction introduces dilution because consideration will be discharged through a preferential allotment of 706,068 equity shares. The company has also obtained shareholder approval for the preferential issue and increased its authorised share capital from ₹25.05 crore to ₹50 crore, enabling the proposed allotment and supporting future capital requirements.

The sellers named in the disclosures are Mr. Suresh and Ms. Nithya S. The company stated that the transaction is not a related-party transaction and that its promoter group did not hold a prior interest in the target companies. The allotted shares would give Mr. Suresh a 3.25% post-allotment stake and Ms. Nithya a 0.24% post-allotment stake.

What approvals and timelines apply to the deal?

The proposed acquisitions remain subject to shareholder, regulatory and other statutory approvals. One Global Service Provider indicated a completion period of up to six months from the September 2026 announcement, after which the two Matrix Labs entities would become its subsidiaries.

The company has already amended the share issuance terms after the BSE's in-principle approval queries. That revision reduced the proposed number of shares from 715,040 to 706,068 while maintaining the total consideration, making the regulatory process and final closing conditions relevant milestones for investors.

Conclusion

One Global Service Provider's proposed ₹39.54 crore share-swap acquisition would give it controlling positions in two Chennai-based diagnostics businesses, including Matrix Labs Diagnocare, which reported FY25 turnover of ₹171.30 crore. The deal aligns with the company's stated healthcare and in-vitro diagnostics strategy, but it also expands its equity base through a preferential issue.

Investors will next watch for the remaining shareholder and statutory approvals, the completion of the preferential allotment, and confirmation that the two Matrix Labs entities have become subsidiaries. The company has indicated that completion could take up to six months from its September 2026 announcement.