Published: Thu, March 15, 2018
People | By Leon Thompson

Yes Bank acquires 17.3% in Fortis Healthcare after Supreme Court order

Yes Bank acquires 17.3% in Fortis Healthcare after Supreme Court order

Yes Bank, the private lender, has acquired a significant stake in Fortis Healthcare Ltd.

The acquisition is done by invoking the pledge on the shares. The move comes after the Supreme Court ordered that financial institutions holding pledged shares of Fortis Healthcare are free to sell them amid the company's mounting troubles. At Tuesday's closing price, Yes Bank's stake in Fortis would be ~Rs1,368cr.

Following the reports of IHH share purchase, shares of Fortis Healthcare jumped as much as 5.5 per cent, its biggest intra-day percentage gain since February 23.

The acquired shares amounted to 17.31 percent of the total diluted share capital of the company with a similar amount of voting rights, the filing added. The stock is trading at P/BV of 1.9x on FY20E P/BV.

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Malaysia-based IHH Healthcare Berhad is all set to give a voluntary open offer sometime soon to buy the non-promoter shares of Fortis Healthcare Ltd.

Last month, Fortis Healthcare's promoters Malvinder Mohan Singh and Shivinder Mohan Singh had resigned from the company's board days after the Delhi High Court upheld an global arbitral award of Rs 3,500 crore to Daiichi Sankyo against the former promoters of Ranbaxy Laboratories.

Mint had also reported in January previous year that TPG Capital had submitted a non-binding bid for a controlling stake in Fortis Healthcare and SRL Diagnostics, but the transaction did not materialize due to differences over valuation.

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