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Yes Bank acquires 17.31% stock in Fortis Healthcare

Yes Bank acquires 17.31% stock in Fortis Healthcare

Mumbai: Private lender Yes Bank on Tuesday announced it has acquired more than 17 per cent share in Fortis Healthcare, making the bank the largest shareholder in the healthcare major.

The shares were acquired by Yes Bank on 16 February, consequent upon invocation of pledge on these shares, it added.

In a stock exchange filing, Yes Bank said the 17.31 per cent equity in Fortis has been acquired in lieu of the default in loan repayment by the promoters of the healthcare company. "Yes Bank, which owns a 17% stake in Fortis, may seek a minimum 15% premium but the numbers can change", the first person said.

In June 2017, the healthcare company had walked out of the bilateral talks with the Singh brothers, who were then controlling Fortis.

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Subsequently, the stake of promoter firm Fortis Healthcare Holdings along with promoters (Singh brothers) and other family entities have come down to 5.87 percent from 34.43 percent earlier.

The Yes Bank action comes in the wake of reports that IHH Healthcare Bhd of Malaysia could launch a voluntary open offer to buy the non-promoter shares of Fortis Healthcare in the next few days.

Mint had also reported in January a year ago that TPG Capital had submitted a non-binding bid for a controlling stake in Fortis Healthcare and SRL Diagnostics, but the transaction did not materialize due to differences over valuation. The current market cap of Fortis is Rs 7,909.52 crore. Both TPG Capital and Fortis Healthcare declined to comment.


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