Fortis
Healthcare (India) Ltd. announced the consummation of the acquisition of Fortis
Healthcare International by its wholly-owned subsidiary Fortis Asia Healthcare
Pte. Ltd., or FAHPL.
On November 01 last year, the company had
agreed to acquire 100 percent of Fortis Healthcare International from RHC
Financial Services (Mauritius) Ltd. for an agreed valuation of $665 million.
The agreed value of $665 million of Fortis
Healthcare International includes assets pertaining to Dental Corporation
Holdings Ltd.Australia, Quality Group Hong Kong, Hoan My Medical Corporation
Vietnam, Fortis Specialty Hospital Singapore, SRL Laboratories Dubai and a
minority stake in Lanka Hospital corporation Plc., Sri Lanka.
In addition, Fortis Healthcare International
continues to explore and engage in investment opportunities in healthcare
across jurisdictions, none of which are currently material in nature and the
consummation of which will be duly notified in accordance with applicable law.
The company said the purchase consideration
for acquiring the equity shares of Fortis Health care International amounting
to $262 million (after taking into account the outstanding liabilities of
Fortis Healthcare International) was being funded through infusion of $262
million against redeemable preference (RPS) shares of FAHPL issued to the
promoters of the company, carrying an annualized yield of five percent and are
redeemable at the expiry of 18 months, with Fortis Asia Healthcare having an
option to redeem the RPS prior to the expiry of 18 months.
Consequent upon the aforesaid acquisition, the
company's board approved to align the management structure of the combined
entity to manage the global business of the company, including India.
Accordingly, Malvinder Mohan Singh, Non-Executive Chairman, has been appointed
as an Executive Director of the company, and Balinder Singh Dhillon,
Non-Executive Director, has been appointed as an Executive Director of the
company, both for a period of five years.
Shivinder Mohan Singh, Managing Director, has
been re-designated as Executive Vice Chairman of the company.
At the BSE, Fortis Healthcare (India) shares
are being traded at Rs.98.30, up by 0.92 percent from the previous close.
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