Fortis Healthcare International to offload stake in MSCL

Fortis Healthcare Friday said its subsidiary Fortis Healthcare International will sell its entire stake in Medical and Surgical Centre Ltd (MSCL).

Mauritius-based Fortis Healthcare International holds 28.89 per cent stake in MSCL.

"Fortis Healthcare International Ltd (FHIL), a wholly owned subsidiary of Fortis Healthcare Ltd, which is incorporated in Mauritius, has entered into a share purchase agreement with CIEL Ltd, CIEL Healthcare Ltd and MSCL, for, sale of the entire shareholding held by FHIL in MSCL, representing 28.89 per cent (164,670,801 shares) holding of the total issued and paid up equity share capital of MSCL," it said in a regulatory filing.

It added that the proposed transaction is subject to the approval of Fortis Healthcare Ltd's shareholders as well as regulatory approvals, if required.

"Upon consummation of the proposed transaction, the entire stake of FHIL in MSCL will be divested," it added.

Share of Fortis Healthcare closed at Rs 126.95 apiece, down 0.47 per cent.