Fortis Health up 3%, arm SRL begins stake sale process

Shares of Fortis Healthcare climbed 3 percent intraday Friday after its subsidiary started stake sale process.

"India's largest pathology chain SRL Diagnostics, majority owned by Fortis Healthcare, has started a large stake sale process attracting interest from sovereign wealth funds and bulge-bracket private equity firms," a media report said quoting unnamed sources.

SRL has roped in investment bank Moelis & Co to advise on at least USD 200-million (around Rs 1,250-crore) share sale, primarily to help some existing investors monetise its minority holdings, a report added.

Promoter and promoter group companies (Fortis Healthcare, Religare Enterprises, Religare Wellness, Dion Global Solutions and Ligare Voyages) have 72.98 percent stake in SRL and the balance stake is held by private equity investors & others.