D-Mart promoter and billionaire investor Radhakrishnan Damani’s Derive Investments has picked up an equity stake in Fortis Healthcar , just days after ace investor Porinju Veliyath too bought shares of the company. Radhakishan Damani’s firm has picked up 26.5 lakh shares or 0.5% equity stake in the company.
Notably , the shares rallied by nearly 4% on Tuesday morning to hit an intraday high of Rs 151.8. However , soon the shares slipped to the negative territory, and were trading 7% lower at Rs 136.3 on NSE this morning.
Radhakrishnan Damani’s firm had bought the shares on Monday at Rs 144.5 through block deals; NSE data showed.
Meanwhile , promoters holding in the company reduced to 8.85 percent from 34.33 percent earlier after lenders revoked 25.58 percent equity of promoter group.
In the latest development , the Serious Fraud Investigation Office will initiate a probe into alleged financial irregularities at Fortis Healthcare and Religare Enterprises , according to a senior official.
The marked outperformance of the shares of the company had led Jonathan Schiessl of Ashburton Investments , to say that they had missed the bus on D-Mart.
Notably , Radhakishan Damani ranked 12th on Forbes India Rich List 2017 , with an eye-popping net worth of $9.3 billion. In January this year , Radhakrishnan Damani teamed up with the big bull of Dalal Street Rakesh Jhunjhunwala to bid for Binani Cement , a company which is facing bankruptcy proceedings from its lenders.