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Yes Bank acquires 17.31% stock in Fortis Healthcare

IANS  |  Mumbai 

on Tuesday announced it has acquired more than 17 per cent share in Healthcare, making the the largest shareholder in the

In a stock exchange filing, said the 17.31 per cent equity in has been acquired in lieu of the default in loan repayment by the promoters of the company.

"has acquired 89,781,906 equity shares, constituting 17.31 per cent of the paid-up share capital, having nominal value of Rs 10 per share of Ltd, pursuant to invocation of pledge on the said equity shares subsequent to default by promoters group companies in the credit facility provided by the Bank," it said.

Last month, Fortis Healthcare's promoters and had resigned from the company's board days after the upheld an international arbitral award of Rs 3,500 crore to against the former promoters of

Fortis Healthcare is in the midst of a takeover battle, while there have been reports that international private equity TPG-backed Manipal is in advanced talks to merge Fortis with itself.

and financial institutions have selling the shares of Fortis that were pledged with them against loans following the lifting an earlier ban on such sales.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 13 2018. 21:48 IST