Malaysia’s IHH Healthcare Bhd plans to shortly launch a voluntary open offer to buy the non-promoter shares of Fortis Healthcare, according to a report. Yes Bank acquired 17.3 percent stake in Fortis Healthcare to become the largest shareholders after the Fortis’ promoter group comprising Malvinder and Shivinder Singh defaulted on loans a few months ago. The remaining stake in the company is held by public and other institutional shareholders. IHH is unlikely to seek to acquire the promoters’ shares for now, said the report quoting sources. The hospital chain has roped in investment bank Citi to advise on the process and is preparing a USD 1 billion war chest to fund the share purchase. As per the recent media reports, Manipal Health Enterprises is also planning to acquire Fortis Healthcare, and TPG will be investing in the hospital chain through the acquisition. If acquired by Manipal, the resultant entity Fortis Healthcare and Manipal Health Enterprises will become India’s largest medical services group. The current market cap of Fortis is Rs 7,909.52 crore. The company is currently facing several inquiries related to accounting misappropriation. - Deal Street 

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