Fortis Healthcare Ltd experienced a notable 1.5% surge in Tuesday’s trading session, following the announcement that the hospital chain has reached conclusive agreements for the sale of Fortis Malar Hospital in Chennai to MGM Healthcare Private Limited. The agreed-upon sale consideration stands at approximately Rs 128 crore.
As of 9:57 am, Fortis Healthcare’s shares demonstrated a 1.02% increase, reaching ₹370.25.
In an official exchange filing, Fortis Healthcare disclosed, “The agreement is for a sale consideration of approx. INR 1,28,00,25,000 (Rupees One hundred and twenty-eight crores and twenty-five thousand) (subject to customary closing adjustments as agreed in definitive agreements).”
This transaction encompasses the comprehensive sale of Fortis Malar Hospital’s business operations, along with the associated land and building assets situated in Gandhi Nagar, Adyar, Chennai. The entire deal, valued in an all-cash format, is slated for completion by the conclusion of January 2024, contingent upon specific conditions precedent and closing requirements outlined in the definitive agreements.
The successful execution of this strategic deal is contingent upon obtaining approvals from the shareholders of both Fortis Healthcare and Fortis Malar Hospitals Limited, as stated in a joint statement issued by the involved parties.
