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Northern TK Venture Pte Ltd, Singapore, a unit of IHH, will be issued 235.3 million new Fortis shares through a preferential allotment, giving it roughly 31 percent of the Indian company’s total voting equity share capital.
Reuters
Updated:July 13, 2018, 9:08 AM IST
Image for Representation. (Reuters)
Cash-strapped Fortis said IHH will invest Rs 40 billion ($584.11 million) at Rs 170 per share in the company that operates about 30 private hospitals in India, where the race to cash in on a private healthcare boom is heating up. The offer is at a 19.5 percent premium to Fortis’ closing price on Thursday.
Northern TK Venture Pte Ltd, Singapore, a unit of IHH, will be issued 235.3 million new Fortis shares through a preferential allotment, giving it roughly 31 percent of the Indian company’s total voting equity share capital.
IHH said in a separate statement it expects the deal to be completed in the fourth quarter and does not expect it to have any material effect on profits for the fiscal year ending December 31.
Recent developments in the healthcare industry made Fortis an attractive takeover target. Manipal Health Enterprises Ltd, along with private equity firm TPG Capital, and KKR & Co-backed Radiant Life Care Pvt Ltd had also bid for stakes in Fortis.
Private healthcare spending in India is rising, and the government is working on expanding insurance to hundreds of millions of people in a country that lacks adequate health facilities. The insurance scheme is expected to benefit private hospitals such as those run by Manipal and Fortis, analysts say.
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