Fortis promoter holding dips to 8.85% on invoking 132 mn pledged shares

Last week, the SC had allowed financial institutions, with whom shares of Fortis Healthcare Limited have been pledged

Promoter and promoter group holdings in Fortis Healthcare have come down to 8.85 per cent from 34.43 per cent following invocation of pledged shares, the healthcare chain said on Monday.

In a regulatory filing, Fortis Healthcare said nearly 132.7 million pledged shares of the company, accounting for 25.58 per cent stake in the company, have been invoked on February 15 and 16, 2018.

Subsequently, the stake of promoter firm Fortis Healthcare Holdings along with promoters Malvinder Mohan Singh and Shivinder Mohan Singh and other family entities have come down to 8.85 per cent from 34.43 per cent earlier, the filing added.

Last week, the Supreme Court had allowed financial institutions, with whom shares of Fortis Healthcare Limited have been pledged, to sell such shares.

On February 15, a bench of Justices Ranjan Gogoi and R Banumathi had clarified its earlier status quo order and said that the shares of Fortis Healthcare Limited encumbered by Fortis Healthcare Holding Pvt Ltd with the financial institutions (FIs) can be sold, traded or transferred.

Earlier, the apex court had restrained FIs, including Axis Bank and Yes Bank, from selling the shares pledged by former Ranbaxy promoters (Malvinder Singh and Shivinder Singh) and ordered to maintain status quo with regard to encumbered and unencumbered shares both.

The Singh brothers had resigned from the posts of executive chairman and non-executive vice-chairman of Fortis Healthcare, respectively on February 8.