Fortis Group acquires Malar Hospitals

Chennai, Feb 19 (UNI) International Hospital Limited (IHL), a wholly owned subsidiary of Fortis Healthcare Limited, along with Oscar Investments Limited (OIL) has completed the acquisition of 62.17 per cent of the equity share capital of the city-based Malar Hospitals Limited (MHL) for Rs 34.68 crore.

A release here today said the acquisition had paved the way for Fortis Healthcare, which was a major healthcare provider, to enter South India. Malar Hospitals, a 180-bed multi-speciality hospital was focussing on comprehensive medical care in the fields of Gastroenterology, Neurology, Gynaecology, Paediatrics, Diabetics, Orthopaedics and Nephrology.

IHL along with OIL had earlier acquired 20.97 per cent stake by way of preferential allotment in October 2007. Post the open offer made to the existing shareholders and Share Purchase Agreement with the promoters, the total equity share capital held by IHL was 48.83 per cent while OIL's holding stood at 13.34 per cent.

The Board of Directors of MHL had also approved the appointment of Shivinder Mohan Singh as the Non-executive Chairman of the Company, while Dr Nithya Rammurthy would continue as a member of the board, the release added.

UNI SNR SJ 1925