IHH Healthcare Berhad has announced the completion of its mandatory open offers for shares in Fortis Healthcare Limited and Fortis Malar Hospitals Limited, marking a significant development in the Indian healthcare sector.

Open Offer Results

The tendering period for both offers closed on November 4, 2025, with the following results:

IHH's Shareholding Post-Offer

Following the completion of these open offers, IHH Healthcare's indirect shareholding stands as follows:

Transaction Details

The transaction included a subscription of 235,294,117 new Fortis shares through preferential allotment to Northern TK Venture Pte Ltd, an indirect wholly-owned subsidiary of IHH Healthcare.

Market Implications

The minimal response to the open offers suggests that existing shareholders in both Fortis Healthcare and Fortis Malar Hospitals are largely satisfied with their current holdings and IHH's management. This could be interpreted as a vote of confidence in the current direction and strategy of these healthcare providers under IHH's influence.

Regulatory Compliance

As per the LODR (Listing Obligations and Disclosure Requirements) data, Fortis Malar Hospitals has duly informed the BSE Limited about this development, ensuring transparency and compliance with regulatory requirements.

The completion of these open offers marks a crucial step in IHH Healthcare's investment in the Indian healthcare market, solidifying its position as a significant stakeholder in both Fortis Healthcare and Fortis Malar Hospitals.

Fortis Malar Hospitals Limited has announced its unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, revealing a company in transition following the sale of its business operations.

Key Financial Highlights

Business Operations Cease

The company has ceased all business operations following the sale of its business through a slump sale transaction. The Board of Directors is currently evaluating various corporate restructuring options for future course of action.

Financial Position

Despite having no ongoing business operations, Fortis Malar Hospitals maintains it has sufficient cash and cash equivalents to settle obligations and meet financial requirements for the foreseeable future. The company's cash and cash equivalent, along with other bank balances, amount to approximately Rs. 1,868.87 lakhs.

Provision Write-back

A significant development in the company's financials is the provision write-back of Rs. 408.20 lakhs towards carried minimum wages payable, which has been considered as other income. This write-back was pursuant to a notification dated June 11, 2025, issued by the Government of Tamil Nadu regarding the revision of minimum wage rates.

Ongoing Legal Matters

The company is contesting several legal matters, including:

• Medico-legal cases with a claim amount of approximately Rs. 625.92 lakhs
• VAT appeals with a tax demand of approximately Rs. 254.93 lakhs
• GST appeal with a tax demand of approximately Rs. 5.96 lakhs
• Income tax appeal with a tax demand of approximately Rs. 150.61 lakhs

The management currently assesses the financial exposure from these matters as remote.

Open Offer Update

An open offer by IHH Healthcare Berhad, which was previously kept in abeyance, has been recommenced. The offer price has been revised from the original INR 60.10 per equity share to INR 17.60 per equity share. The open offer is expected to be completed by November 26, 2025.

Going Concern Basis

Despite the cessation of business operations, the financial results have been prepared on a going concern basis. The company's management and Board of Directors believe that the current cash position and projected cash flows will enable the company to meet its financial obligations for the foreseeable future.

The Board Meeting to approve these results commenced at 11:10 AM and concluded at 02:25 PM on November 6, 2025.