Fortis Healthcare hits 52-week high on stake sale in Singapore hospital

The stock was up 4% at Rs 170 on the National Stock Exchange.

Shares of Fortis Healthcare were trading higher by 4% at Rs 170 on the National Stock Exchange (NSE) in early morning trade after the company sold its Singapore hospital to Concord Medical Services (International) Pte Ltd for Rs 251 crore.

"The Board of Fortis Healthcare International Pte Ltd, a step down subsidiary of Fortis Healthcare Ltd based out of Singapore, has decided to disinvest 100% shareholding in Fortis Healthcare Singapore Pte Ltd which holds and operates Fortis Surgical Hospital to Concord Medical Services (International) Pte Ltd for a consideration of Singapore Dollar (SGD) 55 million or Rs 251 crore," Fortis said in a BSE filing.

The deal is expected to be completed on or about April 06, 2015, it added.

The stock opened at Rs 169 and touched a 52-week high of Rs 173 on the NSE. A combined 1.53 million shares changed hands on the counter till 0945 hours on the NSE and BSE.