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The Board of Directors of Fortis Healthcare has decided to recommend the binding investment proposal from IHH Healthcare Berhad (IHH) to invest Rs 4,000 crore at a price per share of Rs 170 per equity share into the company by Northern TK Venture, Singapore, a wholly owned subsidiary of IHH Healthcare Berhad, Malaysia through a preferential allotment, subject to approval of the shareholders.
Further, pursuant to the preferential issue, Northern TK Venture is under an obligation to make a mandatory open offer to the public shareholders of the Company and Fortis Malar Hospitals.
The transaction is expected to be completed within 7 business days of receipt of shareholder's and CCI's approval which will be obtained concurrently with shareholder's approval and can take approximately 60-75 days.
Further given that the shareholding of the current designated members of the promoter and promoter group of the Company (“Promoters”) is less than 1%, with none occupying any directorships in the Company or its subsidiaries or being involved in the management of the Company, and having no direct or indirect control of the Company, the Board has approved the re-classification of the Promoters, from the “promoter category” to the “public category”, subject to shareholder and other necessary regulatory approvals.
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