Fortis Healthcare Ltd has completed the acquisition of the stake owned by the promoters Malvinder and Shivinder Mohan Singh in Super Religare Laboratories (SRL). In a notice to the stock exchanges, the company informed that it has bought 74.59 per cent stake in SRL for Rs 803 crore.
In April, Fortis said it would acquire 86% stake in SRL amid concerns of a related party transaction at a hefty valuation. Both are owned by billionare brothers Malvinder and Shivinder Singh.
What helped the deal was the private equity firm Avigo Capital Partners’ investment of about Rs 100 crore for a 9.27 per cent stake which set the benchmark valuation of SRL for Fortis. Subsequently, another PE firm Sabre Partners invested Rs 50 crore in SRL at a slightly higher valuation than Avigo’s investment.
Consequent of these two deals, Fortis would be acquiring 74.59 per cent stake instead of 86 per cent estimated earlier.