IHH Healthcare Berhad has announced the commencement of the tendering period for open offers to acquire shares in Fortis Healthcare Limited and Fortis Malar Hospitals . This corporate action marks a step in IHH's expansion in the Indian healthcare sector.

Key Details of the Open Offer

• Tendering Period: October 20, 2025, to November 4, 2025
• Fortis Healthcare Offer: Up to 197,025,660 shares (26.10% of expanded voting share capital)
• Fortis Malar Offer: Up to 4,894,308 shares (26.11% of voting share capital)
• Acquiring Entity: Northern TK Venture Pte Ltd, an indirect wholly-owned subsidiary of IHH

Timeline and Recommendations

• The Committees of Independent Directors (IDC) of both Fortis and Malar published their recommendations on October 16, 2025.
• These recommendations were made available on the websites of SEBI, BSE, and National Stock Exchange of India Limited.
• Pre-offer advertisements will be published on October 17, 2025, in the same newspapers where the Detailed Public Statement (DPS) was originally published.

Additional Transaction Details

The transaction also includes a subscription of 235,294,117 new equity shares in Fortis Healthcare Limited through preferential allotment to Northern TK Venture Pte Ltd.

Market Implications

This open offer represents a move in the Indian healthcare landscape. IHH Healthcare's attempt to increase its stake in Fortis Healthcare and Fortis Malar Hospitals may lead to potential changes in the management and strategic direction of these healthcare providers.

Investors and stakeholders may want to monitor the developments during the tendering period, as the outcome of this open offer could have implications for the future of these healthcare entities and the broader Indian healthcare sector.

As the tendering period approaches, market participants are advised to review the detailed offer documents and IDC recommendations to make informed decisions regarding their shareholdings in Fortis Healthcare and Fortis Malar Hospitals.

In a significant development for the Indian healthcare sector, the Securities and Exchange Board of India (SEBI) has given its approval for IHH Healthcare Berhad to proceed with open offers for Fortis Healthcare Limited and Fortis Malar Hospitals Limited. This decision marks a crucial step forward in a process that has been ongoing since December 2018.

Key Components of the Transaction

The approved transaction consists of three main elements:

1. Preferential Allotment: IHH Healthcare, through its indirect wholly-owned subsidiary Northern TK Venture Pte Ltd (NTK), will subscribe to 235,294,117 new Fortis shares.

2. Fortis Healthcare Open Offer: A mandatory open offer for up to 197,025,660 additional Fortis shares, representing 26.10% of the expanded voting capital.

3. Fortis Malar Hospitals Open Offer: A separate mandatory open offer for up to 4,894,308 Malar shares, accounting for 26.11% of the voting capital.

Regulatory Approval and Timeline

SEBI communicated its approval through a letter dated October 1. This decision comes after a lengthy process, with initial disclosures made in December 2018. The approval allows IHH Healthcare to move forward with its strategic investment in the Indian healthcare market.

Market Communication

Following the SEBI approval, IHH Healthcare promptly announced the development on the Malaysian Stock Exchange (Bursa Malaysia) on October 3. The company has stated that it will provide updates on further material developments as they occur, ensuring transparency for its shareholders and the market at large.

Implications for Fortis Malar Hospitals

Fortis Malar Hospitals Limited, in compliance with regulatory requirements, disclosed the information to the BSE Limited on October 3. The company's filing, signed by Company Secretary & Compliance Officer Vinti Verma, assured full cooperation and promised to keep the stock exchanges informed of any material developments in this matter.

Looking Ahead

This approval from SEBI represents a significant milestone in IHH Healthcare's expansion strategy in India. It paves the way for potential changes in the ownership and management structure of both Fortis Healthcare and Fortis Malar Hospitals. Stakeholders and market observers will be keenly watching the next steps in this transaction, which could have far-reaching implications for the healthcare landscape in India.

As the situation develops, further announcements are expected from all parties involved, providing more details on the execution of the open offers and their potential impact on the respective companies' operations and strategies.