Fortis Malar Hospitals Ltd

Fortis Malar Hospitals Ltd

Fortis Malar Hospital Limited (formerly known as Malar Hospital Limited) was established in April 13 1989 to set up manage and operate a multi-specialty hospital. The Hospital was acquired by Fortis Group in early 2008. The hospital founded in 1989 has established itself as one of the largest corporate hospitals in Chennai providing quality super specialty and multi-speciality healthcare services. With a total bed-strength of 160 including 40 ICU/CCU/RTU beds the hospital focuses on providing comprehensive medical care in the areas of Cardiology and Cardiac Surgery Neuro Surgery Gynaecology Orthopedics Gastroenterology Neurology Pediatrics Diabetics Nephrology and Internal MedicineAll the above departments are fully became operational under phase I of the project. The second phase of the project envisages enhacement of the number of beds from 100 to 250 beds at an cost of Rs.2120 lacs. To part the project the company came into rights issues during 1995. The Hospital have started performing Cardio Thoracic surgeries with effect from 13-10-2003. Dr.K M Cherian is leading this cardio Thoracic department. He has won several awards and honors including Padmashree award from the Government. Dr.K M Cherian has conducted around 26200 cardio thoracic cases including infant heart surgery heart transplants paediatric heart transplants and heart and lung transplants. This type of surgery will bring more revenue to the hospital in the comming years. With Dr.K M Cherian at command of cardio thoracic team the future looks bright.On 7th September 2007 the Company and the Promoters of the Company entered into a Loan Share Subscription and Share Purchase Agreement (LSSSPA) with International Hospital Ltd a wholly owned subsidiary of Fortis Healthcare Limited and Oscar Investments Ltd (Acquirer) for the sale of 3900000 Equity Shares by the Promoters of the Company and for availing a loan of Rs 14 crores fromthe Acquirers convertible into Equity Shares of the Company. Further the Acquirer Companies acquired 3900000 Equity Shares from the Promoters of the Companies on 18th February 2008 which together with their existing holding constituted 62.17% of the Share Capital of the Company. The Management and Control of Affairs of Company is now with the Acquirers who consequently shall act as Promoters of the Company.On 7th July 2009 Company incorporated a wholly owned subsidiary viz. Malar Stars Medicare Limited.The Board of Directors of Company on August 19 2016 approved a Composite Scheme of Arrangement and Amalgamation between Company Fortis Healthcare Limited (FHL) SRL Limited (SRL) and their respective Shareholders and Creditors for (i) the transfer of the undertaking business and operations of the Company as a going concern by way of slump sale from the Company to FHL (ii) the transfer by way of a demerger of the undertakings business activities and operations of FHL pertaining to diagnostics business of FHL (Demerged Undertaking) to Company and consequent issue of Equity Shares by Company to Shareholders of FHL; (iii) amalgamation of all the undertakings and entire business of SRL with Company and dissolution of SRL without winding up; the consequent issue of equity shares by Company to the Shareholders of SRL and the cancellation of equity shares of SRL held by Company and various other matters consequential or otherwise integrally connected therewith. Further National Company Law Tribunal Chandigarh vide its order dated June 15 2018 approved the scheme as withdrawn and accordingly as on date the Scheme was terminated by Company SRL and FHL.Pursuant to execution of Share Subscription Agreement on July 13 2018 (SSA) Northern TK Venture Pte Ltd (NTK or the Acquirer) a wholly owned subsidiary of IHH Berhard subscribed to 235294117 new equity shares of Fortis Healthcare Limited (FHL) with a face value of Rs 10 each constituting approximately 31.1% of the total voting equity share capital of FHL on a fully diluted basis for a total consideration of Rs 4000 crore and FHL issued and allotted the Subscription Shares by way of preferential allotment in accordance with the terms of the SSA. As a consequence of Subscription the Acquirer together with IHH Healthcare Berhad (PAC 1) and Parkway Pantai Limited (PAC 2) made a mandatory Open Offer by filing a Public Announcement dated July 13 2018. The Subscription completed in accordance with the terms of the SSA on November 13 2018 and NTK became the controlling shareholder of FHL.