Fortis Healthcare Rises 7.5 Percent on Stake Sale in Australia

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December 17, 2012 4:00 PM EST

Shares in Fortis Healthcare (FOHE.NS) rose as much as 7.5 percent on Monday on the company's plans to sell its 64 percent stake in a dental clinics business in Australia for A$270 million.

The stake sale to British medical services group Bupa will help Fortis focus on high-end healthcare operations in Asia, it said in a statement late on Sunday.

The entire proceeds will be used to reduce the group's debt, Fortis group Chief Executive Vishal Bali told news channel CNBC TV18. The deal is expected to be completed in March 2013, Fortis said.

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Copyright 2012 Thomson Reuters. All rights reserved.

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