Fortis Healthcare rallies nearly 12%, hits 52-week high after company sells stake in subsidiary

NEW DELHI: Fortis Healthcare Ltd surged as much as 11.65 per cent in trade on Monday to hit its 52-week high of Rs 136, after the company has sold its Singapore-based diagnostics business RadLink-Asia Pte Ltd for Singapore $137 million.

At 09:50 a.m.; Fortis Healthcare was trading 9.8 per cent higher at Rs 133.85. It hit a low of Rs 127 and a 52-week high of Rs 136 in trade today.

Fortis Healthcare Ltd has informed BSE that the Board of Fortis Healthcare Singapore Pte. Ltd. which is a subsidiary of Fortis Healthcare International Pte. Ltd., has decided to divest 100% shareholding in RadLink-Asia Pte Limited and its subsidiaries, to Medi-Rad Associates Limited for SGD 137 million.

The deal is subject to regulatory approvals in Singap