Stellant Capital Advisory Services, a step down subsidiary of Fortis Healthcare has entered into a Share Purchase Agreement (SPA) with RGAM Investment Advisors and other shareholders, to acquire 100% Equity stake in Religare Health Trust Trustee Manager, (a company incorporated in Singapore that acts as Trustee Manager to Religare Health Trust (RHT), of which the Company is Sponsor) at a consideration of USD 14.9 Million. The transaction is subject to necessary, statutory and regulatory approvals.
Since the majority of the assets owned by RHT are operated by Fortis and its subsidiary (ies), in order to have a more focused approach towards them strategically, it is decided to align the Trustee Manager with the Sponsor of RHT .i.e. Fortis. The transaction is on an arms length basis and the valuation has been done by an independent valuer. This being a related party transaction, it has been approved by the respective boards/ shareholders, as per stipulated requirements of the Companies Act, 2013.
Fortis Healthcare is an integrated healthcare delivery service provider in Asia. The healthcare verticals of the company span primary care, diagnostics, day care speciality and hospitals, with a healthcare network spanning 9 countries.
