Fortis to buyback 3.1% stake in SRL Ltd for Rs 105 cr

New Delhi: Fortis Healthcare will buyback 3.1 percent stake in diagnostic lab arm SRL Ltd from two investors for Rs 105 crore.

The Board of Directors of the company today "approved the acceptance of ROFR Notice issued to the company by Sabre Partners Trust, Spring Healthcare (P) Ltd and Spring Healthcare India Trust, (Investors).

"Under the ROFR Notice, the investors had offered to transfer their complete shareholding in SRL Ltd to the company," Fortis Healthcare said in a BSE filing.

It further said: "The company has agreed to purchase the cumulative shareholding of investors consisting of approx. 24.88 lakh equity shares aggregating to 3.1 percent of the equity share capital of SRL Ltd at Rs 423 per equity share."

The shares will be worth Rs 105.24 crore.

Fortis Healthcare said that post completion of the said acquisition, its equity shareholding in SRL Ltd, shall increase to 57 percent from the existing shareholding of 53.9 percent, on a fully diluted basis.

Shares of Fortis Healthcare were trading at Rs 176.50 apiece, up 1.67 percent, on the BSE.