Malaysia’s IHH Healthcare has maintained the open offer price for Fortis Healthcare at ₹170 per share for a 26% stake, with an additional interest component of ₹53.8 per share payable to eligible shareholders, according to a regulatory filing. The open offer is expected to conclude in the fourth quarter of 2025.
Last week, IHH announced that SEBI had approved its long-delayed open offer for a 26.1% stake in Fortis, nearly seven years after the Malaysian healthcare group acquired a 31.1% stake in the Indian hospital chain.
Under SEBI’s approval, eligible public shareholders of Fortis will receive 10% annual interest on the offer price from the Supreme Court’s order dated September 22, 2022, until the actual payment date. This applies to shareholders who held Fortis shares on December 4, 2018, and continue to hold them on the identified record date.
Similarly, for Fortis Malar Hospital, the open offer price has been set at ₹17.6 per share, with an additional interest of ₹18.36 per share for eligible investors.
The filing noted that, barring unforeseen delays, both the Fortis and Malar open offers are expected to be completed in Q4 2025.
In 2018, IHH Healthcare sealed a ₹4,000-crore deal to acquire a 31.1% stake in Fortis, surpassing the rival Manipal-TPG consortium. The subsequent open offer for an additional 26% stake, worth ₹3,300 crore, was originally set to run from December 18, 2018, to January 1, 2019.
However, the Supreme Court halted the transaction in December 2018, ordering a status quo on the sale of controlling stakes in Fortis following a plea by Daiichi Sankyo over its dispute related to the acquisition of Ranbaxy Laboratories. The court’s order effectively froze IHH’s open offer until the matter was resolved.
