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Fortis shares up 4 pc, m-cap rises by Rs 293 cr

Press Trust of India  |  New Delhi 

Shares of rose by 4 per cent after its board approved Rs 4,000-crore offer from Malaysia's for 31.1 per cent stake in the company.

The stock jumped 3.97 per cent to close at Rs 147.80 on the Intra-day, it soared 5.10 per cent to Rs 149.40.

On the NSE, shares of the company surged 3.93 per cent to end at Rs 147.80.

The company's market valuation rose by Rs 293.13 crore to Rs 7,666.13 crore.

In terms of equity volume, 16.35 lakh shares of the company were traded on the and over 2 crore shares changed hands on the NSE during the day.

Healthcare board today approved Rs 4,000-crore offer from Malaysia's Healthcare for 31.1 per cent stake in it, valuing the cash-strapped firm at Rs 8,880 crore thus ending months of takeover battle.

"The transaction is expected to be completed within seven business days of receipt of shareholders' and CCI's approval, which will be obtained concurrently with shareholders' approval and can take approximately 60-75 days," Healthcare said in a statement.

Commenting on the development, Fortis Healthcare said the proposal offered a more strategically and financially compelling proposition along with simplicity and certainty.

"We are now putting Fortis on a path of survival, future growth and prosperity in partnership with IHH," he said in a conference call.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, July 13 2018. 18:55 IST