Fortis Healthcare has concluded the acquisition of 51 per cent stake in Fortis Hospital Ltd and also obtained compulsorily convertible preference shares issued by Escort Heart Institute and Research Centre.
The company had earlier said that it was considering the acquisition of 51 per cent economic interest in Fortis Hospital Ltd by way of obtaining compulsorily convertible debentures from Fortis Global Healthcare Infrastructure Pvt Ltd.
On account of acquisition of the stake in Fortis Hospital, Fortis share price surged over 8 per cent on the NSE trade today.
Fortis Healthcare had also mentioned that it was considering acquiring compulsorily convertible preference shares issued by Escort Heart Institute and Research Centre Ltd, by one of its wholly-owned subsidiary, Fortis Hospitals Ltd.
Fortis said that these acquisition transactions were a matter of approval of their shareholders, Singapore Exchange Securities Trading Ltd and unit holders of RHT Health Trust. The company has received the requisite approvals and has subsequently closed the acquisition transaction.
Fortis share price opened at Rs. 179.05 against its previous close of Rs. 170.55 and went as high as Rs. 188 intraday.
Fortis Healthcare, at the end of September, had provided the corporate guarantee for a term loan of Rs 225 crore that its subsidiary Fortis Hospitals availed from Yes Bank.
Fortis Healthcare had said in a filing to BSE that one of the company's wholly-owned subsidiary company that is Fortis Hospitals Ltd agreed to accept a term loan of Rs 225 crore from Yes Bank Ltd. And being the holding company, Fortis Healthcare has decided to provide the corporate guarantee for the said credit facility.
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