Malaysia’s IHH launches open offer for 26.1% stake in Fortis Healthcare

Malaysia-based IHH Healthcare Bhd has launched a mandatory open offer to acquire an additional 26.1% stake in Fortis Healthcare Ltd, as part of a broader transaction that includes a preferential allotment of new shares and a parallel offer for Fortis Malar Hospitals Ltd.

The open offer follows the proposed subscription of 235.3 million new equity shares in Fortis Healthcare through a preferential allotment to Northern TK Venture Pte Ltd, an indirect wholly owned subsidiary of IHH. The deal will further consolidate IHH’s control in Fortis, where it already holds a significant stake acquired in 2018.

The open offer will be conducted between October 20 and November 4, 2025, according to filings made by both companies. As part of the transaction, IHH will also make an open offer to acquire up to 26.11% of Fortis Malar Hospitals Ltd, a Fortis subsidiary.

The independent directors’ committees (IDC) of both Fortis and Fortis Malar published their recommendations on October 16, backing the offer. The recommendations were made public via stock exchange disclosures and will be included in pre-offer advertisements.

The offer marks a significant development in IHH’s prolonged efforts to raise its stake in Fortis, which were previously delayed due to legal and regulatory challenges, including a Supreme Court stay that was lifted in 2024.

Fortis Healthcare, one of India’s largest private hospital chains, has seen sustained investor interest amid ongoing consolidation in the Indian healthcare sector. IHH, which operates hospitals across Asia and Europe, has positioned Fortis as a strategic asset to strengthen its presence in India.

Shares of Fortis Healthcare ended the day at ₹1,095.00, ahead of the announcement.Read about our editorial guidelines and ethics policy