IHH open offer for 26% stake in Fortis Healthcare to commence on Dec 18

The open offer by Malaysian firm IHH Healthcare Berhad to acquire additional 26 per cent stake in Fortis Healthcare will commence on December 18 and close on January 1, 2019, a regulatory filing by managers of the offer said.

A letter of the offer to Fortis shareholders was submitted to the bourses by the managers to open offer -- HSBC Securities and Capital Markets (India) Pvt Ltd, HDFC Bank Ltd, Citigroup Global Markets India Pvt Ltd and Deutsche Equities India Pvt Ltd.

Northern TK Venture Pte Ltd together with IHH Healthcare Berhad and Parkway Pantai Ltd have made an open offer to the equity shareholders of Fortis Healthcare to acquire up to 197 million shares, representing 26 per cent of the expanded voting share capital, at a price of Rs 170 per share payable in cash, the letter said.

The tendering period will commence on December 18, 2018 and will close on January 1, 2019, it added.

Earlier on November 13, Fortis Healthcare said it had issued 235.3 million equity shares through preferential allotment to IHH Healthcare Berhad for around Rs 40 billion, a move that helps the Malaysian firm take 31.1 per cent stake in the company. The allotment was done at Rs 170 per share.