 "Fortis Healthcare in focus ahead of SRL demerger plan")
Fortis Healthcare was trading higher by 3% at Rs 193 on the BSE ahead of the board meeting on Friday to consider valuation and share entitlement ratio for demerger of its diagnostic business.
The board of directors of Fortis Healthcare on August 4, in principle approved the demerger of its diagnostic business, which includes operations of SRL Ltd.
“A restructuring committee will work on demerger structure, including valuation and share entitlement ratio, and submit the proposal to the board on August 19,” Fortis Healthcare said in regulatory filing.
The board also approved an enabling fund raising option up to Rs 5,000 crore via qualified institutional placement (QIP) or foreign currency convertible bonds (FCCB). The proposal will be put for shareholder approval at the annual general meeting on September 27, it added.
In past one-month, the stock outperformed the market by gaining 13% as compared to 1% rise in the S&P BSE Sensex.
The stock hit high of Rs 195 on the BSE in intra-day trade. A combined 2.16 million shares changed hands on the counter on the BSE and NSE so far.
The board of directors of Fortis Healthcare on August 4, in principle approved the demerger of its diagnostic business, which includes operations of SRL Ltd.
“A restructuring committee will work on demerger structure, including valuation and share entitlement ratio, and submit the proposal to the board on August 19,” Fortis Healthcare said in regulatory filing.
The board also approved an enabling fund raising option up to Rs 5,000 crore via qualified institutional placement (QIP) or foreign currency convertible bonds (FCCB). The proposal will be put for shareholder approval at the annual general meeting on September 27, it added.
In past one-month, the stock outperformed the market by gaining 13% as compared to 1% rise in the S&P BSE Sensex.
The stock hit high of Rs 195 on the BSE in intra-day trade. A combined 2.16 million shares changed hands on the counter on the BSE and NSE so far.