Fortis Healthcare shares rallied as much as 4 percent in morning trade Wednesday on a media report that its diagnostic arm is likely to list on bourses soon.
"SRL Diagnostics, India’s largest diagnostic chain, is likely to be listed on Indian bourses by August as part of the scheme of demerger from its parent Fortis Healthcare," The Economic Times said quoting officials aware of the development.
According to reports, the next hearing on the demerger plan in the National Company Law Tribunal (NCLT) has been scheduled for June 29, after five hearings till date.
In August 2016, the promoters of Fortis Healthcare — brothers Malvinder and Shivinder Singh — initiated a major corporate restructuring, wherein, SRL was spun off from Fortis to merge into its existing listed subsidiary Fortis Malar, and was renamed SRL Diagnostics.
Meanwhile, promoter Fortis Healthcare Holdings Private Limited sold 25 lakh equity shares (representing 0.48 percent of paid-up equity) of Fortis Healthcare on June 22. With this, the cumulative promoters’ shareholding has been reduced by more than 2 percent during June 19-22.
At 10:01 hours IST, the stock price was quoting at Rs 167.70, up Rs 2.65, or 1.61 percent on the BSE.
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