The shares were offloaded at an average price of Rs 130.27, valuing the transaction size at Rs 645.09 crore.
The net profit in Q1FY20 was also aided by a reduction in the cost of borrowings and the elimination of hospital service fee due to the acquisition of RHT assets.
The scrutiny is on. Auditors can no longer shirk their responsibilities by taking refuge under we-are-watchdogs-not-bloodhounds argument
The brokerage has maintained a buy call on the stock and cut target price to Rs 159 from Rs 171 per share
In an earlier filing to bourses, the company had said its group firm Fortis Healthcare International Ltd had commenced deliberations to explore sale of interest in RHT and RHTTM.
The private sector lender had 8.76 per cent stake in Fortis Healthcare before these transactions.
Fortis' priority this year is to further strengthen its liquidity position, enabling it to invest for future growth to achieve shareholder returns
At 1144 hrs, Fortis Healthcare was quoting Rs 142, up 4.03 percent on the BSE.
The regulator also ordered Singh brothers or their companies not dispose of or alienate any of their assets or divert any funds pending completion of the investigation and till further orders.
At Fortis, Raghuvanshi will be responsible for the day-to-day management decisions of the company and for implementing its long- and short-term plans, the filing said.
The top court asked the Singh brothers to consult their accountants as also financial and legal advisors and apprise it by March 28.
The apex court said its earlier order asking to maintain status quo on the sale of controlling stakes in Fortis Healthcare to Malaysian IHH Healthcare Berhad would remain in force till the next date of hearing.
Fortis Healthcare has also asked the Securities and Exchange Board of India (Sebi) for a personal hearing on the matter.
The other people who are named in the complaint include Gurkirat Singh Dhillon, Gurpreet Singh Dillon, Shabnam Dhillon, Godhwani kin - Sunil and Sanjay.
Fortis Healthcare’s Q3 result shows it’s not out of the woods yet. Losses related to impairment have mounted and its business health is indifferent
The Q3 numbers were impacted by impairment of goodwill and investments, in addition to certain one off financial and legal expenses related to advisory fees for corporate transactions.
Consolidated revenue from operations of the company stood at Rs 1,103.27 crore for the quarter as against Rs 1,120.65 crore for the same period year ago.
Fortis Chairman Ravi Rajagopal said that with a proven track record as a successful clinician and an able administrator, Raghuvanshi has developed a deep understanding of the business, patient care and healthcare sector.
Asset buyout will improve profitability but comes with a few side effects.