Fortis Malar Hospitals

Fortis Malar Hospitals Ltd on Friday said it will sell Malar Hospital at Gandhi Nagar in Chennai for Rs 45.5 crore to MGM Healthcare Pvt Ltd. The company has signed a definitive agreement for the sale of its business operations pertaining to Malar Hospital at Gandhi Nagar, Adyar, Chennai, to MGM Healthcare (MGM), a prominent healthcare delivery service provider, Fortis Malar Hospitals Ltd said in a regulatory filing. The sale consideration is about Rs 45.5 crore, it added. Adjunct to this transaction, the OPD and radio diagnostics business operations related to the Malar Hospital, including the land and building, and the adjacent land parcels, are also being divested by two wholly owned subsidiaries of Fortis Healthcare Ltd -- Fortis Health Management Ltd, and Hospitalia Eastern Pvt Ltd -- to MGM, it added. Fortis Healthcare owns a 62.7 per equity stake in Fortis Malar Hospitals. The transaction will be an all-cash deal and is expected to be consummated by the end of January, sub

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Fortis Hospitals Ltd, which has not been under this list, holds around 62 per cent shares in the company, till the end of June, this year

The offer was to acquire up to 4,894,308 fully paid-up equity shares with face value of Rs 10 each

Fortis Healthcare was down 2% at Rs 184, after hitting an intra-day high of Rs 194 on the BSE in early morning trade.