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Yes Bank acquires 17.31% stake in Fortis Healthcare

Press Trust of India  |  New Delhi 

has acquired 17.31 per cent stake in Healthcare following invocation of nearly 9 crore pledged shares last month.

In a regulatory filing, Healthcare said, "has acquired 8,97,81,906 equity shares having nominal value of Rs 10 per share of the company pursuant to invocation of pledge on the said equity shares subsequent to default by promoter group companies in the credit facility provided by the "

The acquired shares amounted to 17.31 per cent of the total diluted share capital of the company with a similar amount of voting rights, the filing added.

The shares were acquired by on February 16, consequent upon invocation of pledge on these shares, it added.

On February 15, the lifted its stay on sale of shares of Healthcare pledged with by the promoters Singh brothers (Malvinder and Shivinder Mohan Singh) before August 31, allowing financial institutions, including and Yes Bank, to sell the pledged shares.

Subsequently, the stake of promoter firm Holdings along with promoters (Singh brothers) and other family entities have come down to 5.87 per cent from 34.43 per cent earlier.

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

First Published: Wed, March 14 2018. 13:20 IST