Fortis Healthcare acquires 51% stake in Fortis Hospotel

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New Delhi | Published: October 16, 2016 1:08:29 AM

Fortis Healthcare on Saturday said it completed the acquisition of 51 per cent stake in Fortis Hospotel Ltd and acquired compulsorily convertible preference shares issued by Escort Heart Institute and Research Centre Ltd.

These acquisition transactions were subject to approval of the company's shareholders, Singapore Exchange Securities Trading Ltd and unit holders of RHT Health Trust, it said. (Reuters)These acquisition transactions were subject to approval of the company’s shareholders, Singapore Exchange Securities Trading Ltd and unit holders of RHT Health Trust, it said. (Reuters)

Fortis Healthcare on Saturday said it completed the acquisition of 51 per cent stake in Fortis Hospotel Ltd and acquired compulsorily convertible preference shares issued by Escort Heart Institute and Research Centre Ltd.

The company had earlier said that it was contemplating, “acquisition of 51 per cent economic interest in Fortis Hospotel Ltd by way of acquiring compulsorily convertible debentures from Fortis Global Healthcare Infrastructure Pte Ltd,” Fortis Healthcare said in a BSE filing.

It had also said that it was contemplating “acquiring compulsorily convertible preference shares issued by Escort Heart Institute and Research Centre Ltd, by one of its wholly-owned subsidiary, Fortis Hospitals Ltd”.

These acquisition transactions were subject to approval of the company’s shareholders, Singapore Exchange Securities Trading Ltd and unit holders of RHT Health Trust, it said.

“…we have obtained the approvals, wherever required, and have “subsequently closed the acquisition transaction…,” the healthcare major said.

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