Fortis Healthcare looking for new investors in pathology chain SRL Diagnostics
19 February 2016
India's Fortis Healthcare Ltd on Friday said it is in talks with a number of parties, including private equity funds Baring Asia, Capital International and Bain Capital, to sell a majority stake in its subsidiary SRL Diagnostics, reports said today.
SRL Diagnostics, a subsidiary of Fortis Healthcare, operates a chain of pathology clinics, and is a listed company. Fortis is reported to be in the process of facilitating third party exit for existing private equity investors in SRL.
Fortis, which runs hospitals and pharmacies, said there has been no firm proposals as yet and talks are going on.
"No firm proposal" is being considered as yet, it said.
The scrip opened at Rs157.4 and touched a high and low of Rs180.35 and a low of Rs157 in today's trading. A total of 70,53,987 shares were traded on the counter. The current market cap of the company is Rs7,250.2 crore.
The BSE group 'A' stock of face value Rs10 touched a 52 week high of Rs199.2 on 5 August 2015 and a 52 week low of Rs137.85 on 18 February 2015. The scrip hit a high of Rs162.4 and a low of Rs141.1 last week.
Earlier this month, while announcing its consolidated results for the quarter ended 31 December 2015, Fortis Healthcare Ltd had announced the acquisition of a 51 per cent interest in Fortis Hospotel Limited (FHTL), a subsidiary of Religare Health Trust comprising the Fortis Shalimar Bagh, New Delhi and the Fortis Memorial Research Institute (FMRI), Gurgaon Clinical establishments.