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Bloomberg
Fortis Healthcare Ltd., India’s second-largest private hospital chain by market value, offered to buy all assets of its Singapore-listed trust RHT Health Trust for 46.5 billion rupees ($711 million). Shares of the health trust climbed the most on record.
Fortis will acquire all of RHT’s Indian subsidiaries, a 49 percent interest in Fortis Hospotel Ltd., and the entire asset portfolio of RHT, which includes clinics and hospitals in India, according to a filing to the Singapore Exchange.
RHT jumped as much as 19 percent in Singapore trading, the most since it was listed five years ago.
The stock climbed 11 percent to S$0.90 as of 9:29 am, with trading volume at more than 1,000 percent of the three-month daily average,
according to data compiled
by Bloomberg.
The proposed transaction would enhance value for
Fortis’s stakeholders, the
Indian hospital operator said in a separate statement.
Fortis currently has an indirect interest of 29.76 percent in Singapore-based RHT, according to the filing. The two parties agreed on a 60-day exclusivity period for the negotiations. RHT’s trustee-
manager appointed Bank of America Corp. as its exclusive financial adviser.