Fortis stock up 17.6% amid merger talk after Singh bros resign from board

Meanwhile, shares of Fortis soared 17.6 per cent on Friday amid reports that the Manipal Hospital, backed by TPG, was in advanced talks to merge itself with the company

Delhi-based Fortis Healthcare on Friday said its wholly-owned arm Fortis Hospitals had put in Rs 4.73 billion as secured short-term investments in group firms of its promoters, the billionaire Singh brothers. Responding to a Bloomberg report that said “(the) Singh brothers took at least Rs 5 billion ($78 million) out of the publicly-traded hospital company they control without board approval about a year ago”, Fortis said the loans were secured and repayment had started as scheduled.

It said with the investee entities becoming part of the promoter group, led by Malvinder Mohan Singh and Shivinder Mohan Singh, as of the quarter