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Fortis Healthcare buys into Malar Hospaitals
Subsidiary IHL and Oscar Investments pick up 53 p.c
The International Hospital Ltd. (IHL), a Fortis Healthcare Ltd of the Ranbaxy group, along with Oscar Investments Ltd., has entered into an agreement to buy equity shares of Malar Hospitals.
In a notification to the Bombay Stock Exchange, Fortis has informaed that its subsidiary IHL and Oscar Investments would together acquire 39 lakh equity shares from the promoters of Malar Hospitals. This represents 28 percent of its present paid-up equity capital.
Under the agreement, the two outfits will also be given 46.66 lakh shares, representing 25.10percent of the fully expanded voting equity capital , by way of preferntial allotment, consequent to conversion of loan into equity. As a result, Fortis Healtj’s stake in Malr Hospitals will go up to 53.10 percent.
The notification however is silent on the acquisition price. Following this, IHL and Oscar Investments will come out with an open offer to conform to the SeBI guidelines on takeover.
Manipal Hospital, Apollo Group, Sri Ramchandra Hospital and Mallya Hospital had earlier evinced intrest Malar Hospitals for a takeover. The hospital has a significant exposure to debt.