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Fortis to get Rs 1,452 crore for stake sale in Dental Corp

Fortis Healthcare today said its Singapore based subsidiary will receive 270.38 million Australian dollars (around Rs 1,452 crore) 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 per cent 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 2.347 Australian dollars per Dental Corporation share aggregating to 270.38 million Australian dollars, 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 per cent stale in the Dental Corporation Holdings, the company had earlier said.
     
Fortis had entered Dental Corporation 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.
     
At 1:48 pm shares of Fortis Healthcare were trading 5.28 per cent down.