Fortis healthcare to acquire 51% economic interest in fortis hospital limited (FHTL), an RHT subsidiary

Fortis Healthcare Limited today announced that its Board of Directors have approved the acquisition of a 51% economic interest in Fortis Hospotel Limited (FHTL), a subsidiary of the Religare Health Trust (RHT). The RHT is a business trust listed on the SGX of which Fortis is a sponsor with a 28% equity stake. It comprises a portfolio of 12 clinical establishments, four greenfield clinical establishments and two operating hospitals in India. Two of the twelve clinical establishments in the Trust .i.e. Fortis Hospital, Shalimar Bagh, New Delhi and the Fortis Memorial Research Institute (FMRI), Gurgaon are under FHTL in which both Fortis and RHT (through its subsidiary Fortis Health Management Limited) are currently shareholders.

The net investment consideration for the transaction is estimated to be an amount of approximately Rs 970 Crs. The economic impact to Fortis would be lower as Fortis owns ~ 28% equity stake in RHT.

The transaction is the result of agreements entered into by the two shareholders in FHTL at the time of listing of RHT. Amongst other conditionality’s in the agreement, certain approvals applied for at the time were expected to be received within a defined time period. It has been assessed that given the uncertainty in obtaining the requisite approvals Fortis and RHT have mutually decided to enter into the aforesaid transaction.

For further details please contact:

Raghu Kochar
Fortis Healthcare Ltd
9811617256

Anurag Kalra / Gaurav Chugh
Fortis Healthcare Ltd
9810109253/ 9958588900

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