IHH Healthcare ready to make open offer for Fortis

Mumbai: Malaysia's IHH Healthcare, the largest shareholder in Fortis Healthcare, on Friday said it is "ready" to make an open offer for the hospital chain. In a filing to Malaysian and Singapore stock exchange, IHH said it remains fully committed and will make an open offer for Fortis when India's market regulator gives a go ahead.

It said that following the recent judgment of the Supreme Court, the special leave petition, the original contempt petition and the suo-moto contempt petition are disposed of.

"The Court has not found nor indicated any wrongdoing by IHH in terms of our investment into Fortis in its final written judgment dated 22 September 2022. There is also currently no court order pending against IHH in these proceedings. Accordingly, IHH is now in discussion with the Securities and Exchange Board of India (SEBI) to determine the next steps pertaining to the Mandatory Tender Offer in Fortis, in full compliance with all requisite regulations," it said.


IHH said that soon after it gets an approval from the regulator, it will be ready to undertake the offer in a timely manner.