IHH Gets Sebi Approval for Fortis Open Offer, Seven Years After Proposal

IHH Healthcare has secured Sebi approval to proceed with its mandatory open offer to acquire a 26% stake in Fortis Healthcare and Malar Hospitals. The initial open offer price was set at ₹170 a share in 2018, but Fortis Healthcare shares have surged to ₹980.10 apiece, raising the possibility of an upward revision. The deal size would be around ₹3,349 crore for Fortis Healthcare and ₹32 crore for Malar Hospitals. The Sebi approval comes nearly seven years after the offer was first proposed.