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Fortis Healthcare stock surges 8%

Mumbai, Dec 17: Shares of Fortis Healthcare surged as much as 8 per cent today on the company's plan to divest 64 per cent stake in Dental Corporation Holdings (DC), Australia, to UK-based Bupa for
PTI December 17, 2012 18:15 IST
PTI
Mumbai, Dec 17: Shares of Fortis Healthcare surged as much as 8 per cent today 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).



On the BSE, the scrip soared 7.52 per cent to Rs 117.20. Similarly on the NSE, the stock zoomed up by 7.82 per cent to Rs 117.75.

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

“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, Australia, to Bupa, for a consideration of A$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.