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.

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