Fortis Healthcare bloats 4 % owing to stake sale reports
DSIJ Intelligence / 13 Dec 2016
According to certain media reports brothers, Malvinder and Shivinder Singh are in active talks with private equity major, TPG Capital to sell a significant minority stake in Fortis Healthcare.
According to certain media reports brothers, Malvinder and Shivinder Singh are in active talks with private equity major, TPG Capital to sell a significant minority stake in Fortis Healthcare.
The quantum of stake sale is yet to be finalised, but it should be not less than 26 per cent, as beyond that threshold it will trigger an open offer for an additional 25 per cent equity. The current market cap of Fortis Healthcare is at Rs 8170 crore i.e. stake sale would fetch anywhere upto more than Rs 2000 crore.
Fortis Healthcare has been trying to reorganise its structure with even plans of listing SRL Diagnostic division which forms part of the healthcare business but contributes around 18 per cent to the overall revenues of the company.
The debt laden company plans to pare down its debt by bringing in a partner and subsequently unlocking value by listing its diagnostic arm.
Reacting to the news shares of Fortis Healthcare soared by more than 4 per cent in early morning to hit a high of Rs 178 before cooling down to trade at Rs 175.80 on NSE.
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