Fortis Healthcare shares on Monday
surged as much as 8 per cent on the company's
plan to divest 64 per cent stake in Dental Corporation Holdings (DC), Australia.
The company's stake in DC will be sold to UK-based Bupa for 270 million Australian dollars (around Rs 1,554.36 crore) by March 2013.
TOMORROW'S GOLIATHS: Fortis Healthcareclosed the day's trade 7.02 per cent higher at Rs 116.65 on the Bombay Stock Exchange. On the National Stock Exchange, the scrip settled at Rs 116.70, up 6.87 per cent from its previous close.
In terms of volume, 7.84 lakh shares of the company changed hands on BSE, while more than 31 lakh shares were traded on NSE.
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Fortis Healthcare International Pte Ltd, a subsidiary of Fortis Healthcare announced its decision to sell its 64 per cent stake in Dental Corporation Holdings Ltd (DC), Australia, to Bupa, for a consideration of Aus $270 million," the company had said in a statement on Sunday.
BEST ADVICE I EVER GOT: Fortis Healthcare Vice-chairman Shivinder Singh The deal is expected to be completed in March 2013 subject to shareholder and regulatory approvals.
Meanwhile, the BSE Sensex ended the day
at 19,244.42, down 72.83 points.With inputs from PTIDisclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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