Fortis Healthcare Limited reported details of its listed debt securities issued through private placement as on September 30, 2026. The company disclosed three tranches of non-convertible debentures totaling ₹1,550 crore in a filing to stock exchanges.

The disclosure was made in compliance with SEBI Master Circular SEBI/HO/DDHS/DDHS-PoD/P/CIR/2025/0000000137 dated October 15, 2025. The securities were issued on December 19, 2024, and carry a maturity date of December 19, 2029. All tranches feature an annual payment frequency for interest coupons.

Debt Securities Details

The following table outlines the specifics of the three issued tranches:

The coupon rate of 7.7648% per annum applies to the first year. Thereafter, the rate is subject to reset on an annual basis as per the Coupon Reset Process and may be subject to Step Up or Step Down adjustments. No embedded options were disclosed for these securities.

What the Numbers Show

The data reveals a uniform structure across all three tranches regarding issuance date, maturity timeline, and initial coupon rates. The total outstanding amount of ₹1,550 crore matches the total issued amount exactly, indicating no partial redemptions or conversions have occurred since the December 2024 issuance. The largest single tranche accounts for ₹550 crore, representing approximately 35% of the total private placement volume.

Fortis Healthcare disclosed that IHH Healthcare Bhd will fully cooperate with the forensic audit ordered by the Supreme Court in the Daiichi Sankyo case. IHH stated that an independent review will clearly determine the facts on transactions and reiterated that it was not involved in the dispute or proceedings between Daiichi Sankyo and its judgment debtors.

The Supreme Court disposed of a Special Leave Petition filed by Fortis challenging the Delhi High Court order dated August 31, 2026. The Court permitted the forensic audit to proceed but expressly stated that specific observations in the lower court's judgment were "tentative and only for the purpose of making out a case for forensic audit." The order emphasized that the audit must be conducted independently, without being influenced by these preliminary observations.

Supreme Court order details

The Supreme Court clarified that the paragraphs of the judgment containing observations challenged by the company shall not influence the conduct or outcome of the forensic audit. This follows the company's previous disclosure that the Delhi High Court had not imposed any liability, penalty, or fine on Fortis.

Company position and background

Fortis stated it is a stranger to the underlying dispute between Daiichi Sankyo and the Singh Brothers. The company was never a party to the arbitration proceedings between them and is neither a judgment debtor nor a garnishee regarding Daiichi Sankyo's decree.

The company highlighted that as a public listed entity, it had no power to control share transfers by its erstwhile promoters. It received no monies from the dissipation of the promoters' shareholding. Following the Singh Brothers' resignation from the Board by March 2018, an independent Board was appointed. In June 2018, this Board undertook a competitive bidding process to induct a new investor.

IHH clarifies investment structure

In a media statement dated September 28, 2026, IHH Healthcare clarified that its subsidiary, Northern TK Venture Pte Ltd (NTK), acquired its stake in Fortis in 2018 through a transparent, widely public and fully regulated competitive bidding process. The transaction obtained all necessary corporate, shareholder and regulatory approvals, including those required under the Competition Commission of India (CCI) and SEBI takeover regulations.

IHH's investment was made through a preferential allotment of newly issued Fortis shares amounting to INR 4,000 crore for a 31% stake, together with a mandatory tender offer to the public shareholders. No secondary shares were acquired from the former promoters and judgement debtors, Mr Malvinder Mohan Singh and Mr Shivinder Mohan Singh, and no payments were made to them. IHH noted that its investment took place in November 2018, many months after the Singh brothers had resigned from the Fortis board, and it had no interaction with the erstwhile promoters.

NTK appeal in Japan

Separately, Fortis disclosed that Northern TK Venture Pte. Ltd. (NTK), its promoter shareholder and an indirect wholly owned subsidiary of IHH Healthcare Berhad, submitted an appeal against a Tokyo court ruling. NTK challenged the Tokyo District Court ruling dated September 10, 2026, by filing a petition with the Tokyo High Court on September 24, 2026.

IHH Healthcare confirmed that it has suffered losses due to delays in obtaining mandatory tender offer approvals for its acquisition of Fortis. These delays occurred in the context of the dispute between Daiichi Sankyo and certain judgment debtors, to which IHH was not a party.

Strategic outlook

IHH reaffirmed its commitment to India as a key strategic market. The group plans to increase its stake in Fortis to 51% over the next three to five years. Additionally, IHH intends to integrate its Fortis and Gleneagles platforms and expand capacity to approximately 10,000 beds by 2031.

Fortis remains focused on operations following its successful turnaround since 2018 under the new promoter shareholder, Northern TK Venture Pte. Ltd.