Fortis Healthcare said Fortis Hospitals will receive the Rs 473 crore loan it gave to certain companies by the end of the first quarter of FY19.
New Delhi : Shares of Fortis Healthcare soared nearly 18 per cent on Friday amid reports that Manipal Hospital, backed by TPG, is in talks to merge the company with itself.
The stock erased its early losses and zoomed 17.61 per cent to settle at Rs 148.30 on the BSE. The bourse had sought clarification from Fortis with reference to reports that Manipal Hospital is in advanced talks to merge Fortis Health with itself.
In a clarification to BSE, Fortis Healthcare later said, “The company is still evaluating the best possible way to raise the fund and no firm decision in this regard has been approved by the board till date.” The filing added that the firm in the past informed the stock exchanges about fund raising options of up to Rs 5,000 crore.
On Thursday, the company sadi that the Singh brothers had resigned as directors from the company’s board following the Delhi High Court order upholding the Rs 3,500 crore arbitral award in favour of Daiichi Sankyo
Fortis said its wholly-owned arm Fortis Hospitals had deployed funds to the tune of Rs 473 crore as secured short-term investments to group firms of its promoters, Singh brothers.
Responding to a report by Bloomberg, which said “Singh brothers took at least Rs 500 crore out of the publicly-traded hospital company they control without board approval about a year ago”,
Fortis Healthcare said the loans are adequately secured and repayment has since commenced as per agreed payment schedule.
Fortis Healthcare said Fortis Hospitals will receive the Rs 473 crore loan it gave to certain companies by the end of the first quarter of FY19.
