IHH Healthcare keeps Fortis open offer price unchanged at Rs 170/share

New Delhi, Oct 9 (PTI) Malaysia's IHH Healthcare has kept the price of the open offer, expected to be completed in the fourth quarter of 2025, unchanged at Rs 170 per share for a 26 per cent stake in Fortis Healthcare but with an interest of Rs 53.8 per share for eligible shareholders, according to a regulatory filing.

Last week, IHH announced that SEBI cleared its stalled open offer for a 26.1 per cent stake in Fortis Healthcare, seven years after the Malaysian firm acquired 31.1 per cent in the Indian hospital chain.

The offer price in the Fortis open offer is Rs 170 per share, along with applicable interest payable only to eligible shareholders of Rs 53.80, a regulatory filing by IHH Healthcare shared by Fortis Healthcare said.

Based on the SEBI's approval, the eligible public shareholders of Fortis will be entitled to receive interest at the rate of 10 per cent per annum for the period from the Supreme Court of India order dated September 22, 2022, until the actual date of payment of consideration to the tendering shareholders, it stated.

This entitlement applies to shareholders of Fortis as of December 4, 2018, and who continue to remain shareholders of Fortis as on the identified date, the filing said.

Similarly, the offer price in the Fortis Malar Open Offer is Rs 17.6 per share, along with applicable interest of Rs 18.36 payable to eligible shareholders, it added.

"Barring unforeseen circumstances, as the Fortis Open Offer and the Malar Open Offer are expected to be completed in the fourth quarter of 2025," the filing stated.

In 2018, IHH clinched a Rs 4,000-crore deal to acquire 31.1 per cent stake in Fortis, beating rival Manipal-TPG combine in the race.

Subsequently, IHH's open offer for an additional 26 per cent stake in Fortis was scheduled to commence on December 18, 2018, and close on January 1, 2019, entailing a total sum of Rs 3,300 crore.

However, in December 2018, the Supreme Court ordered status quo with regard to the sale of controlling stakes in Fortis Healthcare to IHH Healthcare by former promoters -- Malvinder and Shivinder Singh, following a plea from Daiichi Sankyo related to its acquisition of drug firm Ranbaxy Laboratories.

The apex court's order put on hold IHH's open offer for an additional 26.1 per cent stake in Fortis. PTI MSS RKL SHW