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Foreign investors own over 45% in Fortis Healthcare

East Bridge Capital Master Fund, a foreign portfolio investor, is the second-largest shareholder with 5.74 per cent stake

Aneesh Phadnis  |  Mumbai 

Fortis Healthcare
Fortis Healthcare

Fortis Healthcare, which is in midst of a takeover battle, has seen a change in shareholding with mutual funds halving their stake to 4.55 per cent and foreign portfolio investors increasing their stake from 30 per cent to over 45 per cent in the January-March quarter.

Gopikishan S Damani, a relative of promoter Radhakishan Damani, controls 1.87 per cent stake in the hospital chain, according to Fortis Healthcare's filing to the stock exchange on Tuesday.

The promoter shareholding in the hospital chain fell to 0.77 per cent in March end from 34.43 per cent in December as banks invoked shares pledged with them by owners Shivinder Singh and Malvinder Singh. The sale of pledged shares following approval by the apex court has resulted in increase in bank's shareholding to 17.23 per cent from 0.45 per cent in December. Yes Bank is now the largest shareholder in with 15.14 per cent stake.

ALSO READ: Fortis Healthcare board to decide on investment offers in April 19 meeting

East Bridge Capital Master Fund, a foreign portfolio investor, is the second-largest shareholder with 5.74 per cent stake. East Bridge Capital and a few other portfolio investors had opposed the initial merger proposal with Manipal Hospitals over valuation issues. The proposal has since been revised and the company’s board is considering it.

Sunil Kant Munjal of Hero Enterprise and the Burman Family Office, which have proposed Rs 12.50 billion investment in Fortis, own around a 3 per cent stake in the company but their shareholding has not been listed in the exchange notification.

First Published: Wed, April 18 2018. 01:26 IST
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