Fortis Healthcare is trading higher by 4% at Rs 118 on the NSE on reports that the promoters may divest their holding in the company to meet the Sebi's deadline for listed companies to have at least 25% of equity held by non-promoters before June 2013.
Fortis Healthcare promoters - Malvinder Singh and Shivinder Singh - hold 81.48% stake in the company, are likely to sell 16.5% stake in their hospitals chain via Offer for Sale (OFS) and private placement route, according to media reports.
On November 27, 2012, the board of directors of the company had approved the constitution of a committee of the board called “Issue Committee” to explore various methods of raise funds.
The stock opened at Rs 116 and has seen a combined 628,371 shares changing hands on the counter so far on both the exchanges.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app