Fortis arm acquires Religare Health Trust Trustee Manager

RGAM Investment Advisors and other stakeholders to fully acquire Religare Health Trust Trustee Manager for about Rs 100 crore

Fortis Healthcare today said one of its subsidiaries has entered into an agreement with RGAM Investment Advisors and other stakeholders to fully acquire Religare Health Trust Trustee Manager Pte Ltd for $14.9 million (about Rs 100 crore).

"One of our step down subsidiaries, Stellant Capital Advisory Services Pvt Ltd, has entered into a share purchase agreement with RGAM Investment Advisors Pvt Ltd and other shareholders, to acquire 100% stake in Religare Health Trust Trustee Manager Pte Ltd (RHTTM) at a consideration of $14.9 million," Fortis Healthcare said in a BSE filing.

RHTTM, incorporated in Singapore, acts as a trustee manager to Religare Health Trust (RHT), it added.

"Since the majority of assets owned by RHT are operated by Fortis and its subsidiaries, in order to have a more focused approach towards them strategically, it is decided to align the trustee manager with sponsor of RHT, i.e. Fortis," the filing said.

Fortis Healthcare shares closed 0.50% higher at Rs 160.85 apiece on BSE today.