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Malaysia' IHH gets controlling share in Fortis Healthcare

Malaysia' IHH gets controlling share in Fortis Healthcare
The Fortis board on Tuesday approved the allotment of equity shares through a preferential issue to IHH Healthcare Berhad and the Malaysia based hospital chain became the controlling shareholder in Fortis Healthcare with 31.1 percent stake.
"The board of directors of Fortis Healthcare Ltd. today approved the allotment of 23,52,94,117 number of equity shares through preferential issue to Northern TK Venture Pte Ltd, a wholly owned indirect subsidiary of IHH Healthcare Berhad, at Rs 170 per share of Rs 10 face value," the company said in a statement.
In July this year, Fortis board had unanimously accepted a binding offer from IHH Healthcare Berhad of Malaysia to invest Rs 4,000 crore in it by way of preferential allotment at Rs 170 per share.
With this preferential issue, IHH infused approximately Rs 4,000 crore of primary capital into the company and it became the controlling shareholder in Fortis with 31.1 percent stake on the expanded capital.
"Following this, the mandatory open offer for acquiring upto 26 percent of the expanded capital from the existing shareholders of Fortis at Rs 170 per share for a consideration of upto Rs 3,300 crore would be completed in due course," the statement said.
Fortis board approved IHH MD and CEO Tan See Leng's appointment as an additional director on the board. It also approved other nominees by IHH board Low Soon Teck, Chan Boon Kheng and Bhagat Chintamani Aniruddha as additional directors.

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