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Shares of Fortis Healthcare jumped in early trade as Manipal Hospitals has raised the bid. The stock climbed as much as 4 per cent to Rs 152.30, its highest since March 27.
However, the shares trimmed their early gains and were trading down by 0.41 per cent at Rs 141.80 on the BSE.
Similarly, shares of Fortis Malar Hospitals rallied as much as 11 per cent to Rs 67.65 on the BSE. At 11.15 am, the stock was up 3.04 per cent at Rs 62.80.
Fortis Healthcare stock was on track to post gains for fifth straight session. Manipal Hospitals Enterprises had on Tuesday raised its offer price to buy Fortis' hospital business by 21 per cent, in an effort to quell any opposition from Fortis' minority shareholders.
The raised offer values Fortis' hospital business at Rs 6,061 crore ($933.3 million), or Rs 116 per share. The stock has fallen nearly 21 per cent in 12 months up to Tuesday.
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