INDIA BUSINESS WORLD - February 16th - February 29th - 2008
FORTIS GROUP COMPLETES MALAR HOSPITALS ACQUISITION
North India's healthcare major, Fortis, has completed its maiden acquisition in Tamil Nadu. The acquisition of the 180-bed Malar Hospitals has paved the way for Fortis' entry into south. Malar is a multispeciality hospital focused on areas like gastroenterology, neurology and paediatrics. International Hospital Ltd (IHL), a wholly owned subsidiary of Fortis Healthcare, along with Oscar Investments has bought 62.17% stake from Malar for a consideration of Rs 34.68 crore. In October last, IHL along with Oscar Investments had bought 20.97% stake through preferential allotment. After the open offer made to existing shareholders and share purchase agreement with the promoters, the total equity share capital held by IHL is 48.83% while Oscar Investment's holding stands at 13.34%.
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