ALSO READIHH Healthcare re-brands Global Hospitals under the brand Gleneagles Apollo Hospitals shares dip after IHH sells 6% stake IHH exits Apollo Hospitals, sells shares worth around Rs 830 cr No decision yet on ways to raise up to Rs 5,000 cr: Fortis KKR said to be in advanced talks to acquire SRL
Malaysia's healthcare services provider IHH Healthcare Berhad today said it is not close to "concluding any negotiations" to buy controlling stake in Fortis Healthcare. The company, however, maintained that it is constantly evaluating growth opportunities in select geographies in Asia including India, which is its fourth "home market". According to media reports, the company, which was earlier speculated to have been in advanced talks with the Singh brothers, Malvinder and Shivinder, to acquire controlling stake in Fortis Healthcare and SRL Diagnostics, has pulled out of the talks. "IHH is not, nor is it close to, concluding any negotiations or due diligence or transactions in India at this point in time," IHH Healthcare Berhad said in a filing to Bursa Malaysia. Fortis Healthcare, which has already got shareholders nod to raise up to Rs 5,000 crore, has maintained that it was still evaluating the best possible way to raise the funds and no firm decision has been approved by the board till date. "The board of the company had approved the enabling fund raising options up to Rs 5,000 crore including but not limited to qualified institutional placement, foreign currency convertible bonds or any other method...," Fortis Healthcare had said in a BSE filing earlier this month. The Singh brothers have been looking to raise fund to repay debt in RHC Holding. In Martch this year, IHH had sold over 6 per cent stake in India's healthcare major Apollo Hospitals for about Rs 1,070 crore through an open market transaction. The Malaysian healthcare major runs chain of hospitals under Mount Elizabeth, Gleneagles, Pantai, Parkway and Acibadem brands in Asia and Central and Eastern Europe.