Fortis Healthcare shares enjoyed a considerable increase in their market value after the company on Monday announced its decision to sell its stake in Hong Kong-based Quality Healthcare (QH) to Bupa.

Fortis Healthcare International Pte Ltd, a division of Fortis Healthcare Ltd, announced that it would offload its entire stake in QH's holding firm Altai Investments Ltd to Bupa for $355 million.

The company said in a statement, "Fortis Healthcare International Pte Ltd... today announced its decision to sell its 100 per cent stake in Altai Investments Limited, the holding company for Quality Healthcare, Hong Kong, to Bupa, for $355 million."

The company also announced that proceeds from the sale would be used to slash the company's huge debt pile.

Promoted by Malvinder Singh and Shivinder Singh, the company also said that the sale would enable it to intensify its focus on its core hospital & diagnostic business as well as to create further room for growth.

Following the announcement, Fortis Healthcare shares gained Rs 6.60 to Rs 111.15 apiece on the National Stock Exchange (NSE).