Fortis rises 3% on acquisition move

Fortis Healthcare on Monday surged over 3 per cent on the Bombay Stock Exchange, a day after its arm Fortis Global Healthcare said it will acquire the healthcare business of Hong Kong-listed Quality Healthcare Asia Ltd.


Shares of the healthcare major gained 3.41 per cent to touch a month-high of Rs 176.95 on BSE in early trade.


The scrip witnessed a similar trend on the National Stock Exchange, and was quoting 3.44 per cent higher at Rs 177.20. In the morning trade, over 7.96 lakh shares of the company changed hands on the bourses.


Fortis Global Healthcare, which is billionaire brothers Malvinder and Shivinder Mohan Singh's vehicle to build a pan-Asian healthcare business, had on Sunday announced acquiring Quality Healthcare Asia for Rs 882 crore.


As part of the agreement, reached on October 8, Fortis Global Healthcare will acquire five subsidiaries of Quality Healthcare Asia. However, the elderly healthcare businesses of the company will not be part of the deal.


Meanwhile, the broader gauge Sensex was trading at 20,360.41, up 0.54 per cent from the previous close.