Fortis sets up committee to comply with SEBI norms

Fortis sets up committee to comply with SEBI norms New Delhi: Fortis Healthcare on Wednesday said its board has formed a committee to evaluate options to comply with the minimum public shareholding requirement guidelines.

The company said its board has constituted an issue committee to evaluate various options available in order to comply with the minimum public shareholding requirement as specified under the Securities Contract (Regulation) rules, 1957 and clause 40A of the equity listing agreement, Fortis Healthcare said in a BSE filing.

"The company is in the process of evaluating various options under the prevailing regulatory framework. Till date no final decision in this regard has been made," it added.

A company spokesperson when contacted said, as per the regulator's mandate, the promoters will reduce their stake in the company from 81 percent to 75 percent.

As per the guidelines of Securities and Exchange Board of India (SEBI) the public shareholding in all listed company should be 25 percent by June 2013.

At present, Fortis Healthcare operates its healthcare delivery network in Australia, Canada, Dubai, Hong Kong, India, Mauritius, New Zealand, Singapore, Sri Lanka, Nepal and Vietnam with 76 hospitals having over 12,000 beds.

Shares of Fortis Healthcare on Wednesday closed at Rs 115.65 per scrip on BSE, up 1.76 percent from its previous close.

PTI