IHH Healthcare takes control of Fortis, names four directors to board

NEW DELHI: Malaysia’s IHH Healthcare Bhd has become the controlling shareholder of Fortis Healthcare Ltd by acquiring a 31.1% stake in the company. Fortis Healthcare also appointed four persons from IHH to its board in a meeting held at Mohali on Tuesday.

The board approved the allotment of over 230 million shares through preferential issue to Northern TK Venture Pte Ltd, a wholly owned indirect subsidiary of IHH at ₹170 per share of ₹10 face value.

“With this preferential issue, IHH has, through NTK, infused approximately ₹4,000 crore of primary capital into the company and NTK has become the controlling shareholder in the company with 31.1% stake on the expanded capital,” Fortis said.

The mandatory open offer for acquiring up to 26% of the expanded capital from the existing shareholders of Fortis at ₹170 per share for a consideration of up to ₹3,300 crore would be completed in due course.

“The acquisition of a controlling stake in Fortis Healthcare, one of the leading healthcare service providers in India, represents a transformational investment for IHH and demonstrates our commitment to invest considerable resources to expand and consolidate our footprint in India,” said Tan See Leng, IHH Healthcare managing director and chief executive officer.

As reported by IHH Healthcare’s representatives joined the Fortis board as additional directors on Tuesday. The new board will have Tan See Leng along with other top officials of IHH Healthcare.

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