Private equity (PE) fund TPG has submitted a non-binding bid for a controlling stake in Fortis Healthcare and in the merged entity of SRL Diagnostics and Fortis Malar Hospitals. TPG has offered to pay close to Rs 3000 cr for a 26 per cent primary stake in Fortis Healthcare which will be followed by an open offer. TPG has also offered to pay around Rs 1,500 cr for a stake in SRL Diagnostics and Fortis Malar.
In the month of August, the board of Fortis Healthcare had approved the demerger of the diagnostics business which consists of both its own centres and the 56.4 per cent stake in SRL, which has diagnostics centres across India and proposed to list it separately via a reverse merger with Fortis Malar Hospitals, a listed unit of Fortis Healthcare. The company currently owns 62.9 per cent in Fortis Malar, which runs a huge hospital in Chennai with an associated diagnostics business.
Meanwhile, on 24th January, 2017, Fortis share price was trading 5 per cent higher intraday on the NSE. On 10th January, four bulge bracket PE Funds which include - TPG, KKR, Bain and a fourth unknown contender were in the fray to acquire stake in Fortis Healthcare. The Singh brothers plan to transfer the ownership of Fortis Hospitals from Singapore-exchange listed Religare Health Trust to the balance sheet of Fortis Healthcare Holdings Private Limited (FHHPL), with an objective of improving the valuation of FHHPL.
Meanwhile, the Singh brothers who have also been in talks to refinance a huge part of promoter debt with various lenders may not do so if the deal with TPG fructifies.
To acquire information on the financials and fundamentals of the stock, please visit Fortis share price history. The resistance and support levels found on the page will help you invest wisely.
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