Saturday, Apr 27 2024 | Time 07:02 Hrs(IST)
image
Business EconomyPosted at: Jul 13 2018 8:45PM


Malaysia's IHH Healthcare to acquire Fortis

New Delhi, July 13 (UNI) Malaysia's private healthcare group IHH Healthcare Berhad on Friday announced it will acquire the cash-strapped Fortis Helthcare Limited, after it was chosen as the preferred bidder by the Fortis management.
In a statement, Fortis said under the accepted offer, IHH would infuse Rs 4,000 crore through subscription to the preferential allotment, at a price of Rs 170 per share.
The Malaysian firm will then make a mandatory open offer to public shareholders for 26 per cent of the outstanding shares, post issuance.
The 'proposal provides for refinance of debt to the extent of Rs 2,500 crore', the company said, adding funds infused would be used towards completion of acquisition of assets of RHT, SRL private equity minority shareholders and short term liquidity needs.
A mandatory open offer for public shareholders of Fortis Malar Hospitals Ltd would also be made at a price, as determined under Regulation 8 of the SAST Regulations, the company added.
The company said its Board considered merits of both the binding bids and took into account, recommendation of its Financial Advisors (Standard Chartered Bank and Arpwood Capital) and the legal advice from Legal Advisors (Luthra & Luthra Law Offices and Cyril Amarchand Mangaldas), in approving IHH's offer.
Fortis said its board chose the offer from IHH after considering all key parameters such as significant primary funds infusion at highest available bid price and sufficient funds commitment for future requirements.
The offer is at 20 per cent premium to current market price, it said, adding the IHH proposal offers significant deal certainty given a simpler transaction structure and requirement for fewer approvals and a shorter time frame. It also provides an exit opportunity for shareholders through the open offer, in case they desire, Fortis said.
IHH's proposal also offers potential to achieve scale driven synergies on operational and financing front integrates Fortis into a large global healthcare platform with potential synergies, it added.
UNI JPG RJ 2044
Please log in to get detailed story.
Tags: #Malaysia's IHH Healthcare to acquire Fortis
More News
Sensex nosedives 609 28 pts

Sensex nosedives 609 28 pts

26 Apr 2024 | 5:26 PM

Mumbai, April 26 (UNI) Snapping a winning streak of last five sessions, the BSE Sensex on Friday, the last session of the week, tanked 609.28 pts to settle at 73730.16 amid mixed global cues.

see more..
Maruti Suzuki net profit surges 48 pc to Rs 3,878 crore in Q4

Maruti Suzuki net profit surges 48 pc to Rs 3,878 crore in Q4

26 Apr 2024 | 5:00 PM

New Delhi, April 26 (UNI) On the back of solid volume growth, the country's largest carmaker Maruti Suzuki on Friday reported 47.80% jump in standalone net profit at Rs 3,877.8 crore for January-March period (Q4) of financial year 2023-24.

see more..

Shriram Finance net jumps 57 pc to Rs 2,021 cr in Q4

26 Apr 2024 | 3:52 PM

New Delhi, April 26 (UNI) Shriram Finance on Friday reported 56.91% year-on-year jump in consolidated net profit at Rs 2,021.28 crore for the January-March period (Q4) of financial year 2023-24.

see more..
Maruti Suzuki gets show-cause notice from Legal Metrology dept

Maruti Suzuki gets show-cause notice from Legal Metrology dept

26 Apr 2024 | 2:39 PM

New Delhi, April 26 (UNI) The country's leading carmaker Maruti Suzuki India on Friday said that it has received a show-cause notice from the Legal Metrology office in Rishikesh, Uttarakhand.

see more..

Onkar Kanwar gets Lifetime Achievement Award

26 Apr 2024 | 2:08 PM

Kochi, April 26 (UNI) Chairman of Apollo Tyres Ltd, Onkar Kanwar, has been conferred with the Lifetime Achievement Award at the All India Management Association (AIMA)’s Managing India Awards ceremony.

see more..
image