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Fortis Healthcare shares ended flat at Rs 366.30 on Friday against the previous close of Rs 365.15 on BSE.

Fortis Healthcare has agreed to sell Fortis Malar Hospital in Chennai to MGM Healthcare Private Limited for around Rs 128 crore. The all-cash deal is expected to be completed by the end of January 2024. The move is part of Fortis' portfolio rationalization strategy to deepen its presence in key geographic clusters.

Adjunct to this transaction, the OPD and radio diagnostics business operations related to the Malar Hospital, including the land and building, and the adjacent land parcels, are also being divested by two wholly owned subsidiaries of Fortis Healthcare Ltd -- Fortis Health Management Ltd, and Hospitalia Eastern Pvt Ltd -- to MGM, it added. Fortis Malar Hospitals to Sell Malar Hospital in Chennai for Rs 45.5 Crore to MGM Healthcare.

Fortis Malar Hospitals Ltd has announced the sale of Malar Hospital in Chennai's Gandhi Nagar to MGM Healthcare Pvt Ltd for Rs 45.5 crore. The transaction includes the divestment of OPD and radio diagnostics business operations, land, building, and adjacent land parcels by Fortis Health Management Ltd and Hospitalia Eastern Pvt Ltd, wholly owned subsidiaries of Fortis Healthcare Ltd.

According to a statement issued by the state highways department, vehicles tend to wait for at least 20-30 minutes at both Indira Nagar and Tidel Park junctions, leading to massive traffic congestion on Rajiv Gandhi Salai.