Fortis to buy Chennai-based Malar Hospitals

International Hospital (IHL), a wholly-owned subsidiary of Fortis Healthcare, and Oscar Investments (OIL) will acquire 39 lakh equity shares of Chennai-based Malar Hospitals. No financial details were available about the deal.

According to a release issued by Fortis to the BSE today, the deal also involves allotment of 46,66,666 equity shares of Malar Hospitals, 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,"the release added.