Fortis Healthcare shares surge 17% on merger speculation

Fortis healthcare
Fortis Memorial hospital in Gurugram, Haryana. IANS

Stocks of Fortis Healthcare closed higher by over 17 per cent on Friday on the back of reports that international private equity major TPG backed Manipal Hospitals is "in advanced talks to merge Fortis Health with itself".

At one point during the intra-day trade, the company's shares zoomed over 24 per cent to touch a high of Rs 157.05 per share.

The company's scrip on the BSE zoomed by 17.61 per cent or Rs 22.20 to close at Rs 148.30 from its previous close at Rs 126.10.

On its part, Fortis Healthcare informed the BSE that it "is still evaluating the best possible way to raise the fund and no firm decision in this regard has been approved by the Board till date".

In an unrelated development, the promoters of Fortis Healthcare -- Malvinder Mohan Singh and Shivinder Mohan Singh -- had on Thursday resigned from the company's board, which was intimated through a late night BSE filing.

Source: IANS