Fortis Healthcare, one the leading chain of Hospitals in India witnessed a rise in share price on Friday after it announced to acquire 100% equity stake in Religare Health Trust for a consideration of USD 14.9 million through one of its susidiary company.

The company said, "Stellant Capital Advisory Services, a step down subsidiary of Fortis Healthcare has entered into a share purchase agreement (SPA) with RGAM investment advisors and other shareholders to acquire Religare Health Trust Trustee Manager (RHT)."

"To have a more focused approach towards the assets owned by RHT strategically, it is decided to align the Trustee Manager with the sponsor of RHT .i.e. Fortis, since the majority of the assets owned by RHT are operated by the company and its subsidiaries," it added.

The transaction is on an arms length basis and the valuation has been done by an independent valuer and being a related party transaction, it has been approved by the respective boards, shareholders.

Shares of Fortis Healthcare are trading at Rs 162.70, up Rs 1.85, or 1.15% at the Bombay Stock Exchange (BSE) on Friday at 11:38 a.m.

The scrip has touched an intra-day high of Rs 164.40 and low of Rs 161.70. The total volume of shares traded at the BSE is 45,977.