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Fortis Malar Hospitals has disclosed that SEBI has approved IHH Healthcare Berhad's request to proceed with its long-pending open offer for the company and its parent Fortis Healthcare Limited. The approval, communicated via a SEBI letter dated October 1, 2025, clears the way for IHH's wholly-owned subsidiary Northern TK Venture Pte Ltd to launch a mandatory open offer for up to 4,894,308 equity shares of Fortis Malar (representing 26.11% of voting capital) and up to 197,025,660 shares of Fortis Healthcare (26.10% of expanded capital). This is part of a broader transaction originating in 2018 involving a preferential share subscription of 235.3 million new Fortis shares to IHH. The original deal has been delayed for several years pending multiple regulatory and legal steps, and this SEBI nod is a key milestone in unblocking the transaction.
Shareholders of Fortis Malar now have a clearer timeline and regulatory certainty around the impending open offer, giving them the option to tender shares at the offer price. The move reduces deal uncertainty overhang on the stock, though the actual offer price, dates, and whether IHH will cross minimum public shareholding thresholds will determine near-term share price impact.