Fortis Healthcare surges 3 pc on Parkway offer | business | Hindustan Times
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Fortis Healthcare surges 3 pc on Parkway offer

business Updated: Jul 01, 2010 12:42 IST

Fortis Healthcare Ltd on Thursday rose over 3 per cent on BSE after it made a counter offer to acquire Singapore-based Parkway Holdings Ltd's entire stake for SGD 3.80 a piece.

Shares of Fortis Healthcare touched a high of Rs 157.35, up 3.34 per cent, in the early trade on the Bombay Stock Exchange. The scrip was trading at Rs 155.55, up 2.17 per cent at 0955 hrs.

Fortis is fighting a takeover battle for Parkway with the Malaysian sovereign wealth fund, Khazanah. The Indian healthcare major's offer is higher than Khazanah's offer of SGD 3.78 a piece.

The rise in Fortis was significant as the broader market was trading 1.19 per cent down at 17,490 points.

Fortis, which owns 25.3 per cent in hospital operator Parkway, made a counter offer at SGD 3.80 a piece against Khazanah Nasional Bhd's SGD 3.78 per piece offer.

Fortis through RHC is making a counter-offer to Khazanah Nasional Bhd's Sgd 1.18 billion partial takeover offer made on May 27, aiming to buy 313 million shares, each priced at SGD 3.78 cents.

Khazanah wants to increase its Parkway control to 51.5 per cent from the current 23.8 per cent.

Fortis Healthcare was trading strong at Rs 156.15, up 2.49 per cent, on National Stock Exchange.