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.
For feedback and suggestions, write to us at editorial@iifl.com
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.