Fortis Health to acquire majority stake in Malar hospital

MUMBAI: Fortis Healthcare, promoted by the Ranbaxy group, on Friday said it would acquire 53.10 per cent stake in Chennai-based Malar Hospitals Ltd for an undisclosed amount.

International Hospital Ltd (IHL),a wholly-owned subsidiary of Fortis Healthcare together with Oscar Investments Ltd (OIL), has entered into an agreement regarding the acquisition of equity shares of Malar Hospitals.

Fortis Healthcare would acquire 39 lakh equity shares, representing around 28 per cent of its present paid-up equity capital of Malar Hospitals from the promoters.

Besides, the agreement also facilitates the allotment of over 46.66 lakh equity shares of Malar Hospitals, representing 25.10 per cent of the fully expanded voting equity capital, by way of preferential allotment.

In terms of Securities and Exchange Board of India regulations, IHL and OIL would make an open offer to the shareholders of Malar Hospitals, Fortis Healthcare said in a filing to the Bombay Stock Exchange.

For the said open offer, Fortis Healthcare together with Forts Healthcare Holdings would be the 'Person acting in concert'.

Shares of Fortis Healthcare closed at Rs 85.25, down 0.58 per cent on the Bombay Stock Exchange.