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Fortis Healthcare shares surge nearly 8% on Dental Corp stake sale

Dec 17 2012, 12:21 IST
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Shares in Fortis Healthcare rose as much as 7.5% on the company's plans to sell its 64% stake. (Reuters) Shares in Fortis Healthcare rose as much as 7.5% on the company's plans to sell its 64% stake. (Reuters)
SummaryShares in Fortis Healthcare rose as much as 7.5% on the company's plans to sell its 64% stake.

Shares of Fortis Healthcare today surged as much as 8 per cent on the company's plan to divest 64 per cent stake in Dental Corporation Holdings (DC), Australia, to UK-based Bupa, for A$270 million (about Rs 1,554.36 crore).

The scrip of the company soared by 7.52 per cent to Rs 117.20 on the BSE. At NSE, the stock zoomed up by 7.82 per cent to Rs 117.75.

Rally in the stock was in sharp contrast with an overall sluggish stock market, where the BSE benchmark Sensex was trading at 19,298.07, down 19.18 points at 1100 hrs.

The company's stake in DC will be sold to Bupa for 270 million Australian dollar (around Rs 1,554.36 crore) by March 2013.

"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 yesterday.

The deal is expected to be completed in March 2013 subject to shareholder and regulatory approvals.

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