Fortis Healthcare to acquire Medeor Hospital Manesar for Rs 225 crore; shares gain

Fortis Healthcare’s stock price jumped 1% in early trading August 31 after the company signed definitive agreements to acquire a hospital in Haryana.
At 09:29, Fortis Healthcare quoted a price of Rs 335.00, an increase of Rs 3.50, or 1.06% on BSE.
The Company has entered into definitive agreements with Medeor Hospital Limited (MHL) and VPS Health Care Private Limited for the acquisition of a multi-specialty hospital located in Area 5, IMTManesar, Tehsil & District, Gurgaon, Haryana (Medeor Hospital). Manesar ).
The acquisition includes all structures and buildings as well as movable properties present at Medeor Manesar Hospital, for a total of Rs 225 crore.
Medeor Manesar Hospital has a potential capacity of about 350 beds and could be operational in phases in about 9 months. Transactions are subject to certain government and regulatory approvals. In the April-June quarter, the company recorded an 8.6% drop in net profit to Rs 122.5 crore.
The stock hit a 52-week high of Rs 352 and a 52-week low of Rs 245.40 on July 31, 2023 and March 24, 2023.
Currently, the stock is trading 4.83% below the 52-week high and 36.51% above the 52-week low.