Fortis Healthcare finally ended with a gain of 6.6% at Rs 116. The counter witnessed heavy volumes of around 3.6 million shares as against its avergae two-week daily traded volume of 338,360 shares on the BSE.
Wockhardt soared nearly 9% to Rs 177. The counter recorded trades of around 913,273 shares as against its two-week average traded volume of around 76,295 shares on the BSE.
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(Updated at 1031 hrs)
Fortis Healthcare has surged on news of acquiring nearly 10 Wockhardt Hospitals.
Fortis Healthcare opened at Rs 114 and surged to a high of Rs 116. It is now trading up 4% at Rs 114. Over 434,001 shares have been traded on the BSE so far.
Meanwhile, Wockhardt touched a high of Rs 180 - up 11% from its previous close. The stock is now at Rs 174 - up 7%. The counter has clocked heavy volumes of 156,788 shares on the BSE so far.
Fortis may acquire 10 hospitals of healthcare major, Wockhardt. The deal, worth Rs 1,000-1,200 crore, could be signed in a few days. The deal was necessitated due to the debt burden of Wockhardt group’s flagship firm Wockhardt Ltd. The pharma business of the company has been undergoing corporate debt restructuring to reschedule loans of about Rs 3,700 crore. The pharmaceutical company had registered huge losses on derivatives and high interest burden. The deal is expected to bail out Wockhardt Ltd from its current financial crisis.
Further, the Fortis-Wockhardt deal can see Fortis adding over 1,000 beds, individual negotiations — if successful — can help the Delhi-based healthcare chain double this number. Since the hospitals are owned by individual societies or groups, the negotiations will have to be independent of the Fortis-Wockhardt deal, it is learnt.
