The Board of Directors of Fortis Healthcare Limited have approved a proposal to demerge its diagnostics business, including that housed in its majority owned subsidiary SRL Limited into another majority owned subsidiary, Fortis Malar Hospitals Limited pursuant to a composite scheme of arrangement and amalgamation.
The demerger shall be followed by SRL being merged with Fortis Malar as an integral part of the same composite scheme.
Fortis Malar operates a hospital facility in Chennai and is listed on the BSE Limited. The composite scheme will also provide for the sale of its hospital business by Fortis Malar to Fortis Healthcare by way of a slump sale for a lump s m cash consideration, and the same shall precede the merger.
Upon the composite scheme becoming effective, and subject to receipt of requisite regulatory and statutory approvals, the diagnostics business of Fortis Healthcare, including that housed in SRL would be vested in Fortis Malar.
The name of Fortis Malar will subsequently be changed to SRL Limited and this company is pr posed to be listed on the National Stock Exchange of India Limited, in addition to its current listing on the BSE.
