Stocks

Fortis Healthcare jumps 4.6% as IHH Healthcare may win the deal

Reuters July 9 | Updated on July 09, 2018 Published on July 09, 2018

Shares of Fortis Healthcare jumped as a media report said IHH Healthcare Bhd is likely to acquire control of the former with a binding offer to buy at least 51 per cent in the troubled Indian hospital operator for Rs 4,700-5,400 crore.

Fortis Healthcare Ltd shares jumped as much as 4.6 per cent to Rs 144.9.

IHH Healthcare is also planning to buy RHT Health Trust, a Singapore-listed business trust that owns some of Fortis's assets, through a secondary infusion, the report said.

Separately, a consortium of US private equity firm TPG and Indian hospital operator Manipal Health has offered to infuse Rs 2,100 crore in cash into Fortis, it said.

IHH was not immediately available for comment, while spokesperson for Fortis and Manipal-TPG declined to comment on the report. Fortis stock had declined 13.7 per cent this year as of last close.

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Published on July 09, 2018
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