Shares of Religare Enterprises and Fortis Healthcare 1.13% to 1.65% at 10:42 IST on BSE after Fortis Healthcare's step down subsidiary entered into a share purchase agreement with a wholly-owned subsidiary of Religare Enterprises.
The announcement was made after market hours yesterday, 26 November 2015.
Religare Enterprises (up 1.13% at Rs 277) and Fortis Healthcare (up 1.65% at Rs 163.50) edged higher.
Meanwhile, the S&P BSE Sensex was up 131.94 points or 0.51% at 26,090.57.
Fortis Healthcare's step-down subsidiary Stellant Capital Advisory Services (Stellant), has entered into a share purchase agreement (SPA) with RGAM Investment Advisors (RGAM), a wholly owned subsidiary of Religare Enterprises and other shareholders, to acquire 100% equity stake in Religare Health Trust Trustee Manager at a consideration of $14.9 million. RGAM holds 90% equity stake in Religare Health Trust Trustee Manager. The transaction is on an arms length basis and the valuation has been done by an independent valuer, a combined statement from Religare Enterprises and Fortis Healthcare said.
Fortis Healthcare is a leading integrated healthcare delivery service provider in India. The healthcare verticals of the company primarily comprise hospitals, diagnostics and day care specialty facilities.
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On consolidated basis, Fortis Healthcare reported net profit of Rs 33.98 crore in Q2 September 2015 compared with net loss of Rs 58.12 crore in Q2 September 2014. Net sales rose 6.4% to Rs 1083.46 crore in Q2 September 2015 over Q2 September 2014.
Religare Enterprises (REL) is one of India's leading diversified financial services groups. REL offers an integrated suite of financial services including asset management, life and health insurance, lending, broking, investment banking, and wealth management.
On consolidated basis, REL's net profit rose 475.2% to Rs 63.33 crore on 21.2% growth in total income to Rs 1168.49 crore in Q2 September 2015 over Q2 September 2014.
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