Business Companies 15 Aug 2018 Fortis shareholders ...

Fortis shareholders give nod for stake sale to IHH

PTI
Published Aug 15, 2018, 9:34 am IST
Updated Aug 15, 2018, 9:34 am IST
IHH Healthcare is expected to shell out a total of Rs 7,300 crore to acquire 57.1 per cent stake.
The shareholders of Fortis Healthcare have by an overwhelming majority of 99.69 per cent voted in favour of issuance of equity shares on a preferential allotment basis.
 The shareholders of Fortis Healthcare have by an overwhelming majority of 99.69 per cent voted in favour of issuance of equity shares on a preferential allotment basis.

New Delhi: Fortis Healthcare on Tuesday said its shareholders have given nod to acquisition of the domestic healthcare chain by Malaysia's IHH Healthcare.

The shareholders of Fortis Healthcare have by an overwhelming majority of 99.69 per cent voted in favour of issuance of equity shares on a preferential allotment basis.

 

They have also approved by 99.99 per cent votes to reclassify members of promoter/promoter group to public shareholder category and classification of Northern TK Venture Pvt Ltd as promoter.

Earlier, in a notice for the EGM in July, Fortis Healthcare had said that the consent of shareholders is being sought for issuance of 23,52,94,117 equity shares on preferential basis at a price of Rs 170 per share aggregating up to Rs 4,000 crore to Northern TK Venture Pte Ltd.

The company had also sought nod from shareholders to reclassify Malvinder Mohan Singh; Malvinder Mohan Singh - Trust; Shivinder Mohan Singh; Harpal Singh, Abhishek Singh; Fortis Healthcare Holdings Pvt Ltd; Malav Holdings Pvt Ltd and RHC Holding Pvt Ltd from the 'Promoter and Promoter Group' shareholder category to 'Public' shareholder category.

It had asked shareholders to approve classification of Northern TK Venture Pte Ltd as 'Promoter' subsequent to the completion of the preferential allotment of equity shares.

On July 13, the Fortis Healthcare board had approved a Rs 4,000-crore offer from IHH Healthcare for 31.1 per cent stake in it, valuing the cash-strapped firm at Rs 8,880 crore.

The transaction, to be carried out via IHH Healthcare's arm Northern TK Venture Pte Ltd, was to be followed up by an open offer for an additional 26 per cent stake in Fortis.

IHH Healthcare is expected to shell out a total of Rs 7,300 crore to acquire 57.1 per cent stake, provided its open offer for 26 per cent stake is fully subscribed.

The Fortis stock closed 0.86 per cent up at Rs 146.05 on BSE.

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Location: India, Delhi, New Delhi




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