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Fortis Healthcare shares fall nearly 3 percent

Fortis Healthcare shares fall nearly 3 percent

New Delhi:  Shares of Fortis Healthcare fell nearly 3 percent today after the company announced that its board has picked the offer from Munjals-Burmans combine over four other suitors who made binding offers.

The stock declined 2.66 percent to close at Rs 148.40 on BSE. Intra-day, it slumped 4.39 per cent to Rs 145.75.

 At NSE, shares of the company fell 2.27 percent to end at Rs 149.50.

The companys market valuation fell by Rs 208.78 crore to Rs 7,697.22 crore.

In terms of equity volume, 11.58 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day.

The board of Fortis yesterday recommended the binding offer of the Munjals-Burmans combine to the shareholders after 18 months of hectic parleys with several potential investors for the sale of its business.

The board decided by majority to recommend the revised offer of Hero Enterprise Investment Office-Burman Family Office made on May 1 for an upfront equity infusion of Rs 800 crore at a price of Rs 167 per share through preferential allotment, Fortis said in a late-night filing to BSE yesterday.

The Munjals-Burmans combine further agreed to invest another Rs 1,000 crore via preferential issue of warrants priced at Rs 176 per share, it added.

Read Also: Battle For Fortis: Munjal-Burmans emerge Victorious


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Source: PTI
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