IHH Healthcare had paid $1.1 billion to acquire its 31 per cent stake in a bidding process overseen by an independent board
India’s market regulator Securities and Exchange Board of India (Sebi) has asked Malaysia's IHH Healthcare Berhad to obtain an order from the Delhi High Court to allow the company to proceed with its proposed open offer for a 26.1 per cent stake in Fortis Healthcare, according to an exchange filing.
IHH indicated last week that it was ready to go ahead with the stalled open offer if the capital markets regulator allowed it.
"IHH wishes to announce that the Securities and Exchange Board of India has advised on 16th November 2022 that the open offers should be proceeded with after obtaining an appropriate order in this regard from the Delhi High Court,” the BSE notification read.
First Published: Nov 17 2022 | 10:39 PM IST