Fortis Healthcare to acquire Medeor Hospital Manesar for Rs 225 crore; shares gain

The share touched a 52-week high of Rs 352 and a 52-week low of Rs 245.40 on 31 July, 2023 and 24 March, 2023, respectively.

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Fortis Healthcare share price rose 1 percent in the early trade on August 31 after the company signed definitive agreements to acquire a hospital in Haryana.

At 09:29 am Fortis Healthcare quoted Rs 335.00, up Rs 3.50, or 1.06 percent on the BSE.

The company has signed definitive agreements with Medeor Hospital Limited (MHL) and VPS Health Care Private Limited for the acquisition of a multi-speciality hospital situated in Sector-5, IMTManesar, Tehsil & District, Gurgaon, Haryana (Medeor Hospital Manesar).

The acquisition included all the structures and buildings and the movable assets present at Medeor Hospital Manesar, for a lump sum consideration of Rs 225 crore.

Medeor Hospital Manesar has a potential bed capacity of approximately 350 beds and can be operationalized in a phased manner in around 9 months.

The transaction is subject to certain governmental and regulatory approvals.

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For the April-June quarter, the company posted an 8.6 percent decline in its net profit to Rs 122.5 crore.

The share touched a 52-week high of Rs 352 and a 52-week low of Rs 245.40 on 31 July, 2023 and 24 March 2023, respectively.

Currently, the stock is trading 4.83 percent below its 52-week high and 36.51 percent above its 52-week low.

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