Fortis Healthcare surges on plan to raise $300 million

06 Feb 2012 Evaluate

Fortis Healthcare is currently trading at Rs. 109.50, up by 1.30 points or 1.20% from its previous closing of Rs. 108.20 on the BSE.

The scrip opened at Rs. 110.00 and has touched a high and low of Rs. 111.00 and Rs. 108.45 respectively. So far 98669 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 171.50 on 27-Jul-2011 and a 52 week low of Rs. 81.00 on 28-Dec-2011.

Last one week high and low of the scrip stood at Rs. 111.00 and Rs. 102.65 respectively. The current market cap of the company is Rs. 4440.74 crore.

The promoters holding in the company stood at 81.48% while Institutions and Non-Institutions held 6.13% and 12.39% respectively.  

Fortis Healthcare (India) is likely to raise $300 million by spinning off its non-core business into a separate company, which will then be listed on the Singapore Stock Exchange. The company expects the restructuring to be completed by the middle of next month. The initial public offering is likely to hit the market in May or June this year.

The restructuring, aimed at unlocking value from non-core business that primarily includes diagnostics operations, would provide funds for the company to cut its debt and fund growth.

Fortis Healthcare operates a chain of hospitals and various healthcare centres, among other medical facilities, in India.

Fortis Healthcare Share Price

677.20 -0.80 (-0.12%)
20-Dec-2024 16:59 View Price Chart
Peers
Company Name CMP
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