Fortis Healthcare Ltd.s board approved a multi-step business restructuring plan that would establish distinct diagnostics and hospital businesses.
Fortis Healthcare will demerge its diagnostic business, which includes SRL Ltd., into Fortis Malar Hospitals Ltd., the company said in a press release. Shareholders of Fortis Healthcare will get 0.98 equity shares of Fortis Malar for every one equity share they own of Fortis Healthcare.
As part of the merger of SRL into Fortis Malar, shareholders of SRL, barring Fortis Malar itself, will be issued 10.8 equity shares of Fortis Malar for each share they hold of SRL.
The name of Fortis Malar will be changed to SRL and the demerged entity will be listed on the National Stock Exchange. Fort…