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Shares of Fortis Healthcare tumbled nearly 11 per cent today after the company said its board has approved the demerger of its hospitals business.
After making a weak opening, the stock cracked 9.96 per cent to Rs 128.25. On the NSE, the scrip plunged 10.57 per cent to Rs 127.20.
Fortis Healthcare said its board has approved the demerger of its hospitals business, which will be acquired by Manipal Hospitals and TPG Capital, along with the sale of 20 per cent stake in diagnostics chain SRL Ltd, in a Rs 3,900-crore deal.
In a late night announcement yesterday, the healthcare chain had said its board has given nod for the demerger of its hospital business into Manipal Hospital Enterprises Pvt Ltd.
“The board has also approved the sale of its 20 per cent stake in SRL Ltd to Manipal Hospitals. The resultant entity Manipal Hospitals will be a publicly traded company listed on the NSE and BSE. The remaining FHL will be an investment holding company with 36.6 per cent stake in SRL,” the company said in a statement.
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