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Fortis Healthcare Ltd To Get INR14.52 billion For Stake Sale In Dental Corporation-Business Standard

Tuesday, 24 Sep 2013 04:46am EDT 

Business Standard reported that Fortis Healthcare Ltd's Singapore based subsidiary will receive AUD270.38 million (around INR14.52 billion) on completion of its stake sale in Dental Corporation Australia to Bupa Australia Health. Supreme Court of Victoria on May 24, 2013 approved the scheme of arrangement for Bupa Australia Health Pty Ltd to complete its full acquisition of Dental Corporation Holdings Ltd and consequently, Bupa will acquire 100% of the shares in Dental Corporation at completion on May 31, 2013. Fortis Healthcare said in a statement. The company's aforesaid step down subsidiary, will receive AUD2.347 per Dental Corporation share aggregating to AUD270.38 million, it added. The company's step down subsidiary Fortis Healthcare International Pte Ltd had earlier said its board had decided to divest its entire stake in Dental Corporation (Australia) subject to necessary regulatory approvals, the Indian healthcare provider said. Fortis Healthcare International Pte Ltd had a 64% stake in the Dental Corporation Holdings, the company had earlier said. Fortis had entered DC in Jan 2011 and had added value to the business, growing it from 140 dental practises to 190 dental practises in Australia and New Zealand. 

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