Shares of Fortis Healthcare gained 2% during the early trading hours on 26 September after the Board of Directors of the company agreed upon the proposal to acquire Kolkata-based Artistery Properties for a value of Rs 32 crore.

The acquisition is said to be done via a 99.9% stake purchase in the company through a share purchase agreement.

The company will also gain ownership of the building owned by the realty firm Artistery Properties that are adjacent to the Fortis Hospital at Anandpur in Kolkata.

The company said in its regulatory, “The said building is fully constructed with all statutory compliances in place and with minimal customisation and re-layout it can be utilised for accommodating OPD, diagnostics and day care services which can be relocated from the main building of Fortis Anandpur Hospital.”

The company operates a network of hospitals and diagnostic centres that offer a wide range of medical treatments and services.

In its quarterly report for the April-June quarter, the company reported a 7.46% YoY decrease in its net profit at Rs 124 crore. In contrast, the company reported an 11.35% YoY increase in its revenue from operations at Rs 1,657 crore.

At 10:23 am, the shares of Fortis Healthcare were trading at Rs 335.55 or 1.01% above its previous close on NSE.