IHH open offer for Fortis to commence on Sept 7

The open offer by Malaysian firm IHH Healthcare Berhad to acquire additional 26 per cent stake in Fortis Healthcare will commence on September 7 and close on September 24, 2018, as per a regulatory filing by managers of the offer.

A draft 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 has made an open offer to the equity shareholders of Fortis Healthcare to acquire up to 19.70 crore 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 September 7, 2018 and will close on September 24, 2018, it added.

Earlier on July 13, Fortis Healthcare board had approved Rs 4,000-crore offer from Malaysia's IHH Healthcare for 31.1 per cent stake in it, valuing the cash-strapped firm at Rs 8,880 crore thus ending months of takeover battle.

IHH Healthcare is expected to gain majority control of India's second-largest hospital chain after the mandatory open offer for the additional 26 per cent stake.

The Malaysian healthcare major which offered to infuse the capital at Rs 170 per share pipped rival Manipal-TPG combine's Rs 2,100-crore offer at Rs 160 per share.