Fortis Healthcare hikes stake in Malar Hospitals

Mr. Shivinder Mohan Singh, CMD, Fortis Healthcare with Minister of Health and Family Welfare Gulam Nabi Azad at a conference in New Delhi. File Photo: Kamal Narang

Fortis Healthcare on Tuesday said it has increased its stake in Malar Hospitals to over 50 per cent following which the latter has become a subsidiary of the company.

Fortis Healthcare through one of its wholly-owned subsidiary -- International Hospital Ltd -- increased its shareholding from 49.86 per cent to 50.02 per cent in Malar Hospitals, thereby making it a subsidiary of the company, the hospital chain said in filing to the Bombay Stock Exchange.

International Hospital acquired 30,000 equity shares of Malar Hospitals from open market, it further said.

However, the company did not disclose financial details of the transaction.