Fortis Healthcare acquires Chennai based Malar Hospitals Ltd

Fortis Healthcare Ltd has announced that International Hospital Ltd ("IHL"),a wholly owned subsidiary of the Company has, together with Oscar Investments Ltd ("OIL"), entered into an agreement, inter alia, for acquisition of Equity Shares of Malar Hospitals Ltd, Chennai.

The company would acquire 39,00,000 Equity Shares from the Promoters of Malar Hospitals Ltd representing approximately 28% of its present Paid-up equity capital.

The company would get an allotment of 46,66,666 Equity Shares of Malar Hospitals Ltd representing 25.10% of the Fully Expanded Voting equity Capital, by way of preferential allotment consequent to conversion of Loan into Equity.

In terms of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, IHL and OIL will make an Open Offer to the shareholders of Malar Hospitals Ltd, wherein Fortis Healthcare Ltd, together with Forts Healthcare Holdings Ltd will be "Person acting in concert" for the said Open Offer.

The Malar Hospitals stock was trading at Rs.36.90, up by Rs.5 or 15.67%. The stock hit an intraday high of Rs.38.25 and low of Rs.30. The total traded quantity was 685213 compared to 2 week average of 149734.

Fortis Healthcare stock was trading at Rs.85.80, up by Rs.0.05 or 0.06%. The stock hit an intraday high of Rs.89.80 and low of Rs.85.05. The total traded quantity was 485661 compared to 2 week average of 210751.

Source : Equity Bulls

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