Fortis buys 74.6% stake in SRL for Rs 803cr | business | Hindustan Times
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Fortis buys 74.6% stake in SRL for Rs 803cr

business Updated: May 13, 2011 22:40 IST
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Fortis Healthcare, promoted by billionaire brothers Malvinder and Shivinder Mohan Singh, on Friday said it has acquired 74.59% stake in group firm Super Religare Laboratories (SRL) for Rs 803 crore.

“The company on May 12, 2011, completed the acquisition of the strategic stake of 74.59 %in the existing expanded equity share capital of SRL, from the promoters of SRL,” Fortis Healthcare (India) Ltd said in a filing to BSE.

A company spokesperson said the total cost for the acquisition was R803 crore.

Earlier last month, Fortis had said it would acquire 86% stake in SRL. Since then, private equity firm Avigo Capital Partners has picked up 9.27% in SRL in a pre-IPO placement for an nearly R100 crore. Another PE firm Sabre Partners has also invested R50 crore.

Due to these deals, the share capital of SRL has grown, and the proposed number of shares to be acquired by Fortis now accounted for only 74.59% stake against 86% estimated earlier.