Fortis Healthcare shareholders will receive 10.83 shares of Manipal Hospitals for every 100 shares held in the company. Due to this deal, Manipal Hospitals will also get listed on the bourses.
The Board has also approved sale of its 20% stake in SRL to Manipal Hospitals. The remaining Fortis Healthcare will be an investment holding company with 36.6% stake in SRL, the company said in a press release.
"The move will unlock significant value for all stakeholders and will further accelerate and expand access to high quality healthcare services in India," a press statement released by promoters Malvinder Singh and Shivinder Singh said.
The proposed transaction is subject to shareholders’ approval, creditors’ approval, applicable regulatory approvals (including Competition Commission of India, SEBI, stock exchanges and National Company Law Tribunal (NCLT)) and other customary conditions precedent.
At 09:30 am; the stock was trading 7% lower at Rs 132 as compared to 0.55% decline in the S&P BSE Sensex. A combined 20.27 million shares changed hands on the counter on the BSE and NSE so far.
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