IHH Healthcare Bhd has reiterated that its 2018 investment in Fortis Healthcare was completed through a regulated competitive bidding process and received the required regulatory approvals.
In a filing with Bursa Malaysia, the company said its subsidiary, Northern TK Venture Pte Ltd (NTK), acquired a 31% stake in Fortis through a preferential allotment of newly issued shares worth ₹40 billion, followed by a mandatory tender offer for public shareholders.
IHH said the transaction was approved under the applicable requirements of the Competition Commission of India and the Securities and Exchange Board of India’s takeover regulations.
The company also clarified that NTK did not purchase secondary shares from former Fortis promoters Malvinder Mohan Singh and Sivinder Mohan Singh, who were also judgment debtors, and that no payments were made to them as part of the transaction.
The statement comes after the Supreme Court on September 25 disposed of Fortis Healthcare’s special leave petition challenging a Delhi High Court order related to a forensic audit of the company.
