New Delhi: Fortis Healthcare Ltd shares slumped 11% on Wednesday after the company announced the sale of its hospital assets to Manipal Health Enterprises Pvt. Ltd and TPG Capital.
At 12.19pm, Fortis Healthcare shares were trading 9.62% down at Rs128.75 on BSE, while the Sensex fell 0.31% to 33,073.18. In intraday trade, the stock plunged 11.19% to Rs126.20.
The Fortis Healthcare board has also approved the sale of its 20% stake in SRL Diagnostics to Manipal Hospitals. The resultant entity, Manipal Hospitals, will be a publicly traded company listed on NSE and BSE, Fortis Healthcare said in a statement. Fortis Healthcare will become an investment holding company with a 36.6% stake in SRL Diagnostics.
As part of the proposed transaction, Manipal promoter Dr Ranjan Pai and TPG Capital will invest Rs3,900 crore into Manipal Hospitals.