Fortis Facilitating Sale Of Stakes Owned By PE Investors In SRL Diagnostics, Says Report

Fortis Healthcare is facilitating the sale of stakes owned by private equity investors in its SRL Diagnostics unit and is hiring Kotak Mahindra Bank as the investment banker to manage the deal transaction, Mint reported.

IHH Healthcare Bhd, the new owner of Fortis, had earlier planned to buy out the private equity firms but withdrew the plan as the legal battle between the Singh brothers and Daiichi Sankyo persisted, the report said citing two people aware of the matter.

Fortis owns 57 percent in SRL Diagnostics, Resurgence Fund and IFC 7.5 percent each, New York Jacob Ballas Fund 16 percent while other shareholders own the remaining in SRL Diagnostics.

The activities pertaining to approaching potential interested parties, etc. will play out over the next few months, the report said. – CNBC