YES Bank offloads 7 percent stake in Fortis for Rs 645 crore through open market

"YES BANK Limited recovers INR 645 crore of Religare exposure through sale of a 6.77% block of Fortis Healthcare Limited shares, " the private sector lender said in BSE filing.

New Delhi: Private sector lender Yes Bank on Monday offloaded 6.77 per cent stake in leading hospital chain Fortis Healthcare for a little over Rs 645 crore through an open market transaction.

"YES BANK Limited recovers INR 645 crore of Religare exposure through sale of a 6.77% block of Fortis Healthcare Limited shares, " the private sector lender said in BSE filing.

According to the bulk deal data on the exchange, the lender sold 4,95,19,990 shares amounting to 6.559 per cent stake of Fortis. After the sale, the lender now holds just 1,850 shares in the hospital chain, latest shareholding data available with the BSE showed.

The shares were offloaded at an average price of Rs 130.27, valuing the transaction size at Rs 645.09 crore.

Eastspring Investments was one of the buyers that purchased the shares of the healthcare company, reports PTI.

At the end of September quarter, Yes Bank owned 4,95,21,840 scrips or 6.56 per cent shareholding in Fortis.

Earlier in June, Yes Bank had reduced its stake in Fortis Healthcare (FHL) by around 2 per cent by selling over 1.51 crore shares of the company in the various tranche.

The private sector lender had 8.76 per cent stake in FHL before these transactions.

Fortis Healthcare Limited (FHL) is a chain of hospitals, headquartered in India. The company started its health care operations from Mohali where first Fortis Hospital was started. Later on, the hospital chain purchased the healthcare branch of Escorts Group and increased its strength in various parts of the country.

The FHL also operates its hospital in Vasant Kunj, Faridabad, Gurgaon. The FMRI hospital at Gurgaon is the headquarter of FHL with all the major facilities at the hospital.

Also Read: Yes Bank reduces stake in Fortis Healthcare by selling shares worth over Rs 1.51 crore