BackFortis to get A$270.38 million for stake sale in Dental Corporation
Fortis’ subsidiary, will receive A$2.347 per Dental Corporation share aggregating to A$270.38 million
Premium(Ramesh Pathania/Mint)
New Delhi: Fortis Healthcare Ltd. on Friday said its Singapore based subsidiary will receive A$270.38 million (around Rs1,452 crore) on completion of its stake sale in Dental Corporation Australia to Bupa Australia Health.
“Supreme Court of Victoria on 24 May 2013 approved the scheme of arrangement for Bupa Australia Health Pty Ltd. to complete its full acquisition of Dental Corporation Holdings Ltd. and consequently, Bupa will acquire 100% of the shares in Dental Corporation at completion on 31 May 2013," Fortis Healthcare said in a statement.
The company’s aforesaid step down subsidiary, will receive A$2.347 per Dental Corporation share aggregating to A$270.38 million, it added.
The company’s step down subsidiary Fortis Healthcare International Pte Ltd. had earlier said its board had decided to divest its entire stake in Dental Corporation (Australia) subject to necessary regulatory approvals, the Indian healthcare provider said.
Fortis Healthcare International Pte Ltd. had a 64% stale in the Dental Corporation Holdings, the company had earlier said.
Fortis had entered Dental Corporation in January 2011 and had added value to the business, growing it from 140 dental practices to 190 dental practices in Australia and New Zealand.
Shares of Fortis Healthcare were on Friday trading at Rs90.45 per scrip in the afternoon trade on BSE, down 4.44% from its previous close.
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