Fortis Healthcare to acquire Artistery Properties for Rs 32 crore

Fortis Healthcare shares rose in the morning trade on September 26 after the company’s board of directors approved the proposal to acquire Kolkata-based Artistery Properties at an enterprise value of Rs 32 crore. The acquisition will be done via a 99.9 percent stake-buy in the company through a share purchase agreement.

At 9.35 am, Fortis Healthcare shares were trading at Rs 333 on NSE, up 0.4% from the previous close.

Through this acquisition, the pharma-company is also set to gain ownership of a building owned by Artistery Properties located adjacent to the Fortis Hospital at Anandpur in Kolkata.

“The said building is fully constructed with all statutory compliances in place and with minimal customisation and re-layout it can be utilised for accommodating OPD, diagnostics and day care services which can be relocated from the main building of Fortis Anandpur Hospital,” the company said in a regulatory filing.
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In its results for the April-June quarter, the company reported a 11.35 percent YoY (year-on-year) increase in revenue from operations at Rs 1,657 crore. Net profit for the quarter dropped 7.46 percent YoY to Rs 124 crore. The operating profit margins for the quarter contracted by 100 basis points on a yearly basis to 16 percent.

Fortis Healthcare operates a network of hospitals and diagnostic centers, offering a wide range of medical treatments and services. Moneycontrol