Fortis Healthcare to buy Fortis International, stock up 5%
Fortis Healthcare surged over 5% to Rs 155 in early trade today after company's board approved to buy Fortis International
By ET Online | Updated:
NEW DELHI: Shares of Fortis Healthcare Ltd surged over 5% to Rs 155 in early trade today after the company’s board approved to buy Fortis International Pte Ltd, a Singapore-based leading integrated healthcare delivery company, in a all-cash deal.
In a meeting held today, the Board of Directors of Fortis Healthcare India approved the acquisition of Fortis Healthcare International from RHC Financial Services (Mauritius) Ltd, a company owned by the promoters of Fortis Healthcare India.
“The Board has also decided, subject to necessary approvals, to change the name of Fortis Healthcare India to Fortis Healthcare Ltd (‘Fortis Healthcare’),” the pharmaceutical company said in a filing to the stock exchanges.
At 11:46 a.m., shares of the company were trading 3.7% higher at Rs 152.60. On Friday, Fortis Healthcare Ltd fell 1.8 percent to Rs 148.8, its lowest since August 24, after its founder pledged 54 million more shares.
Reports state that Fortis Healthcare India Ltd, controlled by the billionaire Singh brothers, plans to invest $1 billion in combined business in the next 3 years.
The combined network will have over 74 hospitals with more than 12,000 beds, 580 primary care centers, 188 day care specialty centers, 190 diagnostic centers and a base of over 23,000 employees, making it amongst the largest integrated healthcare delivery networks in Asia Pacific. This region also represents the fastest growing healthcare delivery market globally.
In a meeting held today, the Board of Directors of Fortis Healthcare India approved the acquisition of Fortis Healthcare International from RHC Financial Services (Mauritius) Ltd, a company owned by the promoters of Fortis Healthcare India.
“The Board has also decided, subject to necessary approvals, to change the name of Fortis Healthcare India to Fortis Healthcare Ltd (‘Fortis Healthcare’),” the pharmaceutical company said in a filing to the stock exchanges.
At 11:46 a.m., shares of the company were trading 3.7% higher at Rs 152.60. On Friday, Fortis Healthcare Ltd fell 1.8 percent to Rs 148.8, its lowest since August 24, after its founder pledged 54 million more shares.
Reports state that Fortis Healthcare India Ltd, controlled by the billionaire Singh brothers, plans to invest $1 billion in combined business in the next 3 years.
The combined network will have over 74 hospitals with more than 12,000 beds, 580 primary care centers, 188 day care specialty centers, 190 diagnostic centers and a base of over 23,000 employees, making it amongst the largest integrated healthcare delivery networks in Asia Pacific. This region also represents the fastest growing healthcare delivery market globally.
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