Fortis Healthcare International Ltd will sell its stake in Mauritius-based healthcare services provider The Medical and Surgical Centre Ltd (MSCL) to its joint venture partner for $11.13 million (Rs 77.63 crore).
Fortis Healthcare International will sell its entire 28.89% stake to CIEL Healthcare Ltd, its parent Fortis Healthcare Ltd said in a stock-exchange filing.
The deal, if approved by regulators, is likely to close before the end of August, Fortis said in the filing. Shares of Fortis Healthcare closed flat at Rs 126.90 apiece on Monday in a Mumbai market that soared 3.75% to close at record highs.
The Medical and Surgical Centre is listed on the Development and Enterprise Market of the Stock Exchange of Mauritius. It owns two hospitals, which provide services ranging from preventive health checkups to physiotherapy and rehabilitation.
CIEL Healthcare is a subsidiary of CIEL Ltd, a diversified investment group with interests across sectors such as property, finance, healthcare and textiles. The group runs its operations in Mauritius as well as in countries across Asia and Africa. It currently owns a 58.6% stake in MSCL.
News of the stake sale comes just over a month after Fortis initiated talks with various parties to sell its stake in Singapore-listed RHT Health Trust and its trustee manager RHT Health Trust Manager Pte. Ltd. Currently, Fortis Healthcare International owns 27.82% of RHT Trust and the trustee manager owns another 2.68%.
