GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Fortis Healthcare Pulls Out of Amalgamation Scheme With Fortis Malar, SRL

The scheme could not be completed even after 19 months due to reasons beyond the company's control, Fortis Healthcare said in a statement late on Wednesday. Fortis Malar runs a super speciality hospital in Chennai while SRL operates a chain of pathology clinics.

Reuters

Updated:June 14, 2018, 9:43 AM IST
facebookTwittergoogleskypewhatsapp
Fortis Healthcare Pulls Out of Amalgamation Scheme With Fortis Malar, SRL
A Fortis hospital building is pictured in Gurgaon. (Reuters)
Loading...
Fortis Healthcare Ltd on Wednesday withdrew the scheme of arrangement and amalgamation with its units Fortis Malar Hospitals Ltd and SRL Ltd, citing a delay in its completion.

The scheme could not be completed even after 19 months due to reasons beyond the company's control, Fortis Healthcare said in a statement late on Wednesday.

Fortis Malar runs a super speciality hospital in Chennai while SRL operates a chain of pathology clinics.

Given the headwinds in the sector and less-than-optimum performance of the diagnostics business during the period of delay, the scheme may not result in optimum value for shareholders, Fortis added.

The cash-strapped hospital's operator, which has become the target of a bidding war, earlier this month said it would look at a new round of bids from four local and international parties and fixed June 14 as the last day for the submission.

Also Watch

| Edited by: Puja Menon
Read full article
Loading...
Most Active
Company Price Change %Gain
Larsen 1,310.55 +70.40 +5.68
Infosys 1,395.00 -35.35 -2.47
Reliance 1,225.70 +21.95 +1.82
Sun Pharma 624.75 +1.25 +0.20
Yes Bank 399.40 +6.20 +1.58
Company Price Change %Gain
Larsen 1,310.50 +70.20 +5.66
Infosys 1,395.75 -35.60 -2.49
Reliance 1,225.25 +21.80 +1.81
Godrej Consumer 1,364.50 +21.30 +1.59
Sun Pharma 624.65 +1.35 +0.22
Top Gainers
Company Price Change %Gain
Larsen 1,310.75 +70.60 +5.69
Tata Motors 266.15 +7.90 +3.06
ONGC 168.30 +5.25 +3.22
Coal India 286.80 +5.40 +1.92
HPCL 272.70 +5.15 +1.92
Company Price Change %Gain
Larsen 1,310.50 +70.20 +5.66
Tata Motors 266.10 +8.75 +3.40
ONGC 168.25 +5.15 +3.16
Coal India 286.80 +5.60 +1.99
Reliance 1,225.00 +21.55 +1.79
Top Losers
Company Price Change %Gain
Infosys 1,395.55 -34.80 -2.43
GAIL 379.30 -8.40 -2.17
Titan Company 927.70 -13.85 -1.47
Lupin 876.00 -5.25 -0.60
UPL 610.20 -6.55 -1.06
Company Price Change %Gain
Infosys 1,396.25 -35.10 -2.45
Bharti Airtel 368.80 -2.45 -0.66
Power Grid Corp 186.15 -1.05 -0.56
Maruti Suzuki 9,098.00 -50.30 -0.55
Axis Bank 625.70 -1.40 -0.22
Loading...
Loading...