Fortis Healthcare surges nearly 8% on Dental Corp stake sale

Tags: Companies
Shares of Fortis Healthcare today surged as much as 8 per cent on the company's plan to divest 64 per cent stake in Dental Corporation Holdings (DC), Australia, to UK-based Bupa, for A$270 million (about Rs 1,554.36 crore).

The scrip of the company soared by 7.52 per cent to Rs 117.20 on the BSE. At NSE, the stock zoomed up by 7.82 per cent to Rs 117.75.

Rally in the stock was in sharp contrast with an overall sluggish stock market, where the BSE benchmark Sensex was trading at 19,298.07, down 19.18 points at 1100 hrs.

The company's stake in DC will be sold to Bupa for 270 million Australian dollar (around Rs 1,554.36 crore) by March 2013.

"Fortis Healthcare International Pte Ltd, a subsidiary of Fortis Healthcare announced its decision to sell its 64 per cent stake in Dental Corporation Holdings Ltd (DC), Australia, to Bupa, for a consideration of Aus $270 million," the company had said in a statement yesterday.

The deal is expected to be completed in March 2013 subject to shareholder and regulatory approvals.

EDITORIAL OF THE DAY

  • HDFC Bank has triggered market competition by lowering base rate

    Even nine months after the Reserve Bank of India (RBI) changed its monetary stance and started reducing key policy rates, both public and private sect

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Roopen Roy

Startups to bring change for good

It is a widely held belief that our new generation ...

Rajgopal Nidamboor

The quest for the greater self

All of us have our own outlook, or view, of ...

Dharmendra Khandal

Elephants are killed for those ivory bangles

Wildlife lovers always curse China for making products out of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture