New Delhi: Fortis Healthcare Ltd is in talks with potential buyers to sell its stake in Singapore-listed Religare Health Trust (RHT), three months after it completed the acquisition of RHT’s assets for 4,650 crore.

“RHT Health Trust Manager Pte. Ltd (in its capacity as trustee-manager of RHT Health Trust (RHT) wishes to inform unitholders of RHT that it has been notified by Fortis Healthcare International Ltd (FHIL), a controlling unitholder of RHT, and Stellant Capital Advisory Services Pvt. Ltd, the sole shareholder of the trustee-manager, that they have each commenced discussions with various parties to explore the possibility of sale of their interests in RHT and the trustee-manager, respectively," Fortis Healthcare International, a unit of Fortis Healthcare, said in a regulatory filing on Monday.

The proposed transaction will help raise funds to fulfil the needs of Fortis Healthcare as its acquisition by Malaysia's IHH Healthcare Ltd is in limbo. The Supreme Court had in December ordered a status quo on the Fortis-IHH deal, following Japanese drug maker Daiichi Sankyo’s contempt plea against the Singh brothers.

A Fortis spokesperson said the divestment would “enhance" value for all its stakeholders. “With the unwinding of the current structure, it would also make it easier for investors and other stakeholders to better understand the company’s business and financial performance," the Fortis spokesperson said in an emailed response.

FHIL and Stellant are wholly-owned subsidiaries of Fortis Healthcare.

Fortis has an aggregate interest in 27.82% of the units in RHT, comprising 25.14% held by FHIL and 2.68% held by the trustee-manager, a unit of Stellant.

“Even as the value from the transaction is nominal and is not going to change fortunes, it will simplify the structure," two people aware of the developments said, requesting anonymity. FHIL and Stellant have further notified the trustee-manager that the discussions are preliminary and no firm proposal has been received.

Fortis Healthcare acquired RHT’s assets in January after IHH infused money into Fortis in December. Consequently, International Hospital Ltd, Fortis Health Management Ltd, Escorts Heart and Super Speciality Hospital Ltd, Hospitalia Eastern Pvt. Ltd and Fortis Hospotel Ltd became wholly-owned subsidiaries of the firm.

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