Malaysia’s IHH Healthcare, unveiled the long-awaited schedule for its mandatory open offer to purchase an additional stake in the Indian hospital chain.
In an exchange filing, IHH said it plans to acquire up to 26.10% in Fortis Healthcare and 26.11% in Fortis Malar Hospitals Ltd, marking a major step forward in a long-pending transaction that could raise its total holding to nearly 57%.
IHH had first announced the deal in July 2018, subscribing to a preferential allotment of Fortis shares at ₹170 apiece for a total investment of ₹4,000 crore, securing a 31.1% stake in the company. Under Indian takeover regulations, this move triggered a mandatory open offer for an additional 26% stake, valued at around ₹3,300 crore.