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Fortis Healthcare Down 18% After SC Continues Stay on IHH Open Offer; Know Details

Fortis Healthcare Share Price: Shares of Fortis Healthcare were trading lower on Thursday after the Supreme Court ordered the continuation of the stay on IHH open offer. The share was trading at Rs 263, down around 16 per cent on Thursday. The stock ended the previous session at Rs 311.20 on BSE.

In its order, the Supreme Court said that the Delhi High Court will decide on the open offer, proposed by IHH Healthcare.

Malaysia’s IHH Healthcare had acquired a 31 per cent controlling stake in Fortis in 2018, which had triggered a mandatory open offer to acquire another 26 per cent of the hospital chain shares from the market.

It had acquired the stake in Fortis Healthcare in August 2018 by paying $1.1 billion in a bidding process overseen by an independent board.

The open offer, however, could not move forward due to ongoing legal proceedings with respect to the transaction based on a plea filed by Daiichi Sankyo.

Japanese drugmaker Daiichi Sankyo had challenged the Fortis-IHH deal to recover the Rs 3,600 crore arbitration award it had won in a Singapore tribunal against Fortis’ erstwhile promoters, brothers Malvinder Singh and Shivinder Singh.

Daiichi Sankyo had moved the plea against the Singh brothers and Indiabulls alleging that the two had pledged 1.7 million shares of Fortis Healthcare held by Fortis Healthcare Holding, despite the apex court forbidding it.

Daiichi is to recover Rs 3,600 crore won in arbitration proceedings against Fortis’ former promoters Malvinder and Shivinder Singh.

Fortis Healthcare Ltd., incorporated in the year 1996, is a Mid Cap company (having a market cap of Rs 23505.62 Crore) operating in Hospitals & Allied Services sector. For the quarter ended 30-06-2022, the company reported a Consolidated Total Income of Rs 1,508.55 Crore, up 8.99 per cent from last quarter Total Income of Rs 1,384.09 Crore and up 6.37 per cent from last year same quarter Total Income of Rs 1,418.15 Crore. Company reported net profit after tax of Rs 124.29 Crore in the latest quarter.

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