Fortis Healthcare rises over 3% on acquisition move

Fortis Healthcare rises over 3% on acquisition move


Mumbai: Fortis Healthcare on Monday surged over 3% on the Bombay Stock Exchange, a day after its arm Fortis Global Healthcare said it will acquire the healthcare business of Hong Kong-listed Quality Healthcare Asia Ltd.

Shares of the healthcare major gained 3.41% to touch a month-high of 176.95 on BSE in early trade.

The scrip witnessed a similar upmove on the National Stock Exchange, and was quoting 3.44% higher at 177.20. In the morning trade, over 7.96 lakh shares of the company changed hands on the bourses.

Fortis Global Healthcare, which is the billionaire brothers Malvinder Mohan Singh and Shivinder Mohan Singh’s vehicle to build a pan-Asian healthcare business, yesterday announced acquiring Quality Healthcare Asia for 882 crore.

As a part of the agreement, which was reached on 8 October, Fortis Global Healthcare will acquire five subsidiaries of Quality Healthcare Asia (QHA). However, the elderly healthcare businesses of QHA will not be part of the deal.

Meanwhile, the broader gauge Sensex was trading at 20,360.41, up 0.54% from the previous close.