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Fortis Healthcare to seek legal counsel after SC order

SC has extended the stay on IHH Healthcare's open offer for Fortis Healthcare

September 23, 2022 7:55 IST | India Infoline News Service
IHH Healthcare has said that it is seeking legal counsel after SC's order to extend the stay on its open offer for Fortis. 

It announced on Thursday that it is seeking legal counsel on the potential effects of the transaction.

The court rejected the open bid from Malaysia's IHH Healthcare Bhd in 2018 and ordered a forensic audit of the share sale in Fortis Healthcare Ltd., which caused a crash in the company's shares.

IHH stated in a filing with the Malaysian Stock Exchange on Thursday that its Indian lawyers had instructed them to wait for the written verdict.

An obligatory open offer to purchase an additional 26% of Fortis shares from the market was made after the Group acquired a 31% controlling position in Fortis in 2018. Due to ongoing legal battles and the subject being heard by the Supreme Court, the open offer has not been implemented.

The Group, which consists of Fortis, IHH's Global Institutions, and Continental Hospitals, is India's top private healthcare provider with a network of more than 30 hospitals.

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