IHH Healthcare Receives Greenlight From India Stock Exchange On Fortis Deal 

KUALA LUMPUR, Oct 3 (Bernama) -- IHH Healthcare Bhd has obtained approval from the Securities and Exchange Board of India (SEBI) to proceed with its open offer to acquire stakes in Fortis Healthcare and Fortis Malar Hospitals.

In a filing to Bursa Malaysia, the group said it received approval from the regulator through a letter dated Oct 1.

"IHH will make appropriate announcements to Bursa Securities in a timely manner in accordance with the Main Market Listing Requirements of Bursa Securities once there are further material developments on this matter," it said.

The exercise, which was first proposed back in 2018, involved a mandatory open offer by IHH Healthcare to acquire up to 197.02 million Fortis shares, representing an additional 26.10 per cent of the expanded voting share capital of Fortis.

Also on the table is IHH Healthcare’s mandatory open offer for the acquisition of up to 4.90 million fully paid-up equity shares of Fortis Malar Hospitals Ltd, which represent 26.11 per cent of its voting share capital.

-- BERNAMA