March 27, 2018 / 6:46 PM / in 3 months

BRIEF-Fortis Healthcare Announces Demerger Of Its Hospital Business Into Manipal Hospitals‍​

* FORTIS HEALTHCARE ANNOUNCES DEMERGER OF ITS HOSPITAL BUSINESS INTO MANIPAL HOSPITALS‍​

* BOARD OF DIRECTORS HAS APPROVED DEMERGER OF ITS HOSPITALS BUSINESS INTO MANIPAL HOSPITAL ENTERPRISES PRIVATE LIMITED

* BOARD HAS ALSO APPROVED SALE OF ITS 20% STAKE IN SRL LIMITED TO MANIPAL HOSPITALS

* RESULTANT ENTITY MANIPAL HOSPITALS WILL BE A PUBLICLY TRADED COMPANY LISTED ON NSE AND BSE

* REMAINING CO WILL BE AN INVESTMENT HOLDING COMPANY WITH 36.6% STAKE IN SRL

* AS PART OF THE PROPOSED TRANSACTION, RANJAN PAI AND TPG WILL INVEST INR 3,900 CRS INTO MANIPAL HOSPITALS

* WHEN DEMERGER BECOMES EFFECTIVE, FOR EVERY 100 SHARES OF CO HELD, SHAREHOLDER WILL RECEIVE 10.83 SHARES IN MANIPAL HOSPITALS

* DEAL PROVIDES CO OVER 7 BILLION RUPEES FROM SALE OF PARTIAL STAKE IN SRL Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below