Fortis to get Rs 1,452 crore for stake sale in Dental Corporation

It had a 64% stake in the company

Fortis Healthcare today said its Singapore-based subsidiary will receive AUD 270.38 million (around Rs 1,452 crore) on completion of its stake sale in Dental Corporation Australia to Bupa Australia Health.

"Supreme Court of Victoria on May 24, 2013 approved the scheme of arrangement for Bupa Australia Health Pty Ltd to complete its full acquisition of Dental Corporation Holdings Ltd and consequently, Bupa will acquire 100% of the shares in Dental Corporation at completion on May 31, 2013," Fortis Healthcare said in a statement.

The company's aforesaid step down subsidiary, will receive AUD 2.347 per Dental Corporation share aggregating to AUD 270.38 million, it added.

The company's step down subsidiary Fortis Healthcare International Pte Ltd had earlier said its board had decided to divest its entire stake in Dental Corporation (Australia) subject to necessary regulatory approvals, the Indian healthcare provider said.

Fortis Healthcare International Pte Ltd had a 64% stake in the Dental Corporation Holdings, the company had earlier said.

Fortis had entered DC in Jan 2011 and had added value to the business, growing it from 140 dental practises to 190 dental practises in Australia and New Zealand.

Shares of Fortis Healthcare were today trading at Rs 90.45 per scrip in the afternoon trade on BSE, down 4.44% from its previous close.