In the latest M&A development, Fortis Healthcare has scrapped a plan to sell its stake in Singapore-listed RHT Health Trust. In other news, Dr Lal PathLabs said its board has approved the acquisition of a 70 per cent stake in a new company while Piramal Enterprises has sold its entire 9.96 per cent stake in Shriram Transport Finance Company.
Fortis drops plan to sell RHT stake
“…it is hereby intimated that no firm proposal which is commercially viable was received and no agreement (binding or non-binding) has been reached with any of these parties in connection with the potential transactions or any other transaction involving RHT and/or RHTTM,” Fortis said in a regulatory filing.
The company had started preliminary discussions to sell its stake in RHT Health in April. “Since the above process to explore the Potential Transaction was inconclusive, it was decided to close the bidding and search process,” it added.
Dr Lal PathLabs buys a new company
Diagnostic chain Dr Lal PathLabs on Friday said its board has approved the acquisition of a 70 per cent stake in a new company to be incorporated by Vinita Kothari and Sushila Dalal for a cash consideration not exceeding Rs50 crore.
Dr Lal PathLabs has routed the acquisition through its wholly owned subsidiary PathLabs Unifiers Pvt Ltd with the objective of strengthening its business presence in Madhya Pradesh, it said in a regulatory filing.
The new company will be engaged in healthcare/diagnostic services in Madhya Pradesh and adjoining areas and shall house the business of Central Lab, Indore, and proprietorship concern M/s Vinita Kothari, it added.
Piramal Enterprises sells Shriram Transport stake
As on March 31, 2019, Piramal Enterprises held 22.6 million shares in the company. Based on Monday’s opening share price of Shriram Transport Finance Company of Rs1,020 per scrip, Piramal Enterprises would have fetched about Rs2,305 crore from its stake sale.