Fortis Healthcare has announced of the sale of its nearly 29% stake in Mauritius-based Medical and Surgical Centre Ltd (MSCL).
MSCL has a market capitalisation of 55 million dollars (about Rs 380 crore). The share of Fortis will fetch it about 16 million dollars (about 110 crore).
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Fortis has 28.89% stake in MSCL while its Mauritius-based partner CIEL Healthcare holds 58.6%. The rest is held by other shareholders. The decade-old partnership agreement between CIEL and Fortis ended on December 31 last year.
MSCL is listed on development and enterprise market of the Stock Exchange of Mauritius. It owns two hospitals in the island nation: Clinique Darne and Wellkin Hospital.
Shareholders of Fortis Healthcare on Monday approved a resolution allowing the hospital chain to sell its stake in MSCL, according to a company statement. They also approved modification of terms of the non-convertible bonds issued by its subsidiary companies.
“Fortis Healthcare International Limited (FHIL), a wholly-owned subsidiary of Fortis Healthcare Limited (FHL) which is incorporated in Mauritius, has consummated the proposed transaction of sale of the entire shareholding held by FHIL in the Medical and Surgical Centre Limited (MSCL) [renamed as C-Care (Mauritius) Ltd], representing 28.89 per cent (164,670,801 shares) holding of the total issued and paid up equity share capital of MSCL, with CIEL Limited, CIEL Healthcare Limited (collectively referred to as CIEL). The entire stake of FHIL in MSCL is now divested,” said the statement.