Yes Bank sells 6.56% stake in Fortis Healthcare for Rs 645-cr

Private sector lender Yes Bank on Monday offloaded 6.56 percent stake in leading hospital chain Fortis Healthcare for a little over Rs 645 crore through an open market transaction.

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Sale of stake

After the sale, the lender now holds just 1,850 shares in the hospital chain, the latest shareholding data available with the BSE showed. According to the bulk deal data on the exchange, the lender sold 4,95,19,990 shares amounting to a 6.559 percent stake of Fortis. 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. At the end of September quarter, Yes Bank owned 4,95,21,840 scrips or 6.56 percent shareholding in Fortis. Earlier in June, the bank said it reduced its stake in Fortis by around 2 percent in various tranches between December 2018 and June 2019.

On the BSE, shares of Yes Bank ended 1.01 percent higher at Rs 40 while Fortis closed the counter at Rs 130.55 losing 5.36 percent. 

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New management

The bank recently announced a change in the top management. The bank announced the appointment of Anita Pai as its Chief Operating Officer (COO) and Jasneet Bachal as its Chief Marketing Officer (CMO). 

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