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Shares of Fortis Healthcare rose on a report of impending deal with Manipal Health Enterprises. The hospital chain operator stock gained as much as 4.2 per cent to Rs 153.90.
Manipal Health Enterprises, and Fortis Healthcare, which are reported to have been in talks over merging their hospital chains, are set to meet in a couple of days for approving the proposed merger, according to a media report, citing people with knowledge of the matter.
Under the new structure, hospitals under Fortis will be hived off into a separate listed entity, which will then be merged with Manipal Group. Manipal Health, and TPG will invest about Rs 3,000 crore ($463.3 million) to own a majority in the new combined entity, the report said.
TPG Capital, the buyout arm of TPG Group, hold 25 per cent stake in Manipal Health, while Singapore-based Temasek Holdings hold 18 per cent. 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 per cent in the last 12 months.
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