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Fortis shareholders overwhelmingly back IHH offer

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Ending months of speculations, shareholders of Fortis Healthcare voted in favour of the offer from IHH Healthcare to acquire a stake in the company via a preferential share allotment worth Rs 4,000 crore at Rs 170 per share.

Fortis shareholders overwhelmingly back IHH offer
Fortis Healthcare shareholders on Tuesday voted in favour of the offer from IHH Healthcare to acquire a stake in the company via a preferential share allotment worth Rs 4,000 crore at Rs 170 per share.
Over 99 percent of the votes were in favour of the offer from IHH, Fortis said in an exchange filing.
IHH Healthcare has outbid rival bidder TPG-Manipal in the race to buy stake in Fortis.
The world’s second largest healthcare group by market capitalisation will acquire a stake of between 31.1 percent to 57.1 percent of Fortis, through a preferential allotment of shares (31.1% stake), and a mandatory open offer (up to another 26% stake), it said in a statement on Friday morning.
Fortis Healthcare, which has extended the deal deadlines three times, had shortlisted two entities to bid for the sale of its business.
As per the criteria set by the Fortis board, the buyers have to make a minimum investment of Rs 1,500 crore into Fortis Healthcare by way of preferential allotment apart from having a plan for funding the acquisition of RHT and a plan for providing an exit to private equity investors of diagnostic arm SRL.
According to the offer, the fund infused by IHH will be used towards completion of the acquisition of assets of RHT Health Trust (RHT), SRL Diagnostics private equity minority shareholders and short-term liquidity needs.
The proposal also provides for refinancing of debt to the extent of Rs Rs 2,500 crore.

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