March 27, 2018 / 4:56 AM / 5 months ago

BUZZ-India's Fortis Healthcare rises on report of impending deal with Manipal Health

** Shares of hospital chain operator Fortis Healthcare Ltd gain as much as 4.2 pct at 153.90 rupees

** Manipal Health Enterprises, Fortis Healthcare, which are reported to have been in talks over merging their hospital chains, set to meet in a couple of days for approving the proposed merger - Mint reports, citing people with knowledge of the matter

** Under new structure, hospitals under Fortis will be hived off into a separate listed entity, which will then be merged with Manipal Group - Mint

** Manipal, TPG will invest about 30 bln rupees ($463.3 mln) to own majority in the new combined entity, the report says

** TPG Capital, the buyout arm of TPG Group, holds 25 pct stake in Manipal Health, while Singapore-based Temasek Holdings holds 18 pct stake, the report adds

** Fortis declined to comment on the matter, while Manipal Health was not immediately available for comment

** Up to Monday’s close, Fortis Healthcare stock had fallen 16.5 pct in last 12 months ($1 = 64.7550 Indian rupees)

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