Yes Bank acquires 17.3% in Fortis Healthcare after Supreme Court order

Yes Bank acquires 17.3% in Fortis Healthcare after Supreme Court order

Mumbai: Private lender Yes Bank on Tuesday announced it has acquired more than 17 per cent share in Fortis Healthcare, making the bank the largest shareholder in the healthcare major.

The acquired shares amounted to 17.31 percent of the total diluted share capital of the company with a similar amount of voting rights, the filing added. The move comes after the Supreme Court ordered that financial institutions holding pledged shares of Fortis Healthcare are free to sell them amid the company's mounting troubles.

The acquisition of Fortis's stock in small quantities will strengthen their position if they have to make an open offer for the target company's shares from the public. IHH, it may be recalled, had walked out of bilateral negotiations with promoters Malvinder and Shivinder Singh who were in control of Fortis then.

What is mean by Low Beta Stock?: Exxon Mobil Corporation (XOM)
Four analysts have made estimates for Exxon Mobil's earnings, with estimates ranging from $66.15 billion to $86.62 billion. Texas Permanent School Fund holds 1.24% of its portfolio in Exxon Mobil Corporation (NYSE: XOM ) for 1.17 million shares.

Fortis Healthcare is in the midst of a takeover battle, while there have been reports that worldwide private equity major TPG-backed Manipal Hospitals is in advanced talks to merge Fortis with itself.

Malaysia-based IHH Healthcare Berhad is all set to give a voluntary open offer sometime soon to buy the non-promoter shares of Fortis Healthcare Ltd. Fortis Healthcare now has a market capitalization of Rs7,908 crore and liabilities of Rs3,406 crore against revenue of Rs4,573 crore in FY17, according to its audited financial results. "We will update the market if there are any material developments".

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