IHH defeated a rival bid by TPG-backed Manipal Health Enterprises for Fortis.
Ravi Rajagopal, Chairman, Board of Directors at Fortis Healthcare said, "After a period of detailed consideration and evaluation, the Board of Directors is delighted to announce their approval of the IHH binding proposal".
Fortis posted a net loss of Rs 932 crore in Q4FY18, largely due to provisions and impairments, but the company's operational performance has been under pressure as well.
IHH, which will get 31 per cent stake in Fortis Healthcare through the preferential allotment of shares at Rs 170 apiece, will make an open offer for an additional 26 per cent at the same price. "It offers strategically and financially more compelling proposition along with simplicity and certainty".
IHH Healthcare Berhad (IHH) subsidiary Northern TK Venture (Northern TK) was chosen as the bidder to acquire a minimum 31.1% and maximum 57.1% controlling stake in Fortis Healthcare Limited (Fortis Healthcare) at an offer of $797.71m to $1.47b (INR40b to INR73.5b).
The funding proposal from the Malaysian-Singaporean private healthcare group gives Fortis ample liquidity in form of Rs. 4,000 crore in equity solution and provides an exit to private equity (PE) investors of SRL.
Fortis' board had in early May previously accepted a proposed 18 billion rupees (S$359 million) offer from the Hero-Burman consortium following a five-cornered takeover fight for the cash-strapped firm, but shareholders opposed the decision later that month which led to the company reopening the bidding process.
This past week saw Fortis Healthcare's board recommend IHH Healthcare's bid for a stake in the company to its shareholders, bringing the curtains down on a saga that began in February.
Fortis has been extremely short on capital and after the investment, they said that IHH will invest ₹4,000 crore at ₹170 per share in the business firm that handles more than 30 private hospitals across India.
The process was relaunched on May 29 and has been conducted in a fair, time-bound and transparent manner, he added.
The filing said a total consideration of about INR3,349 crore (RM1.97 billion) will be payable, assuming the open offer for Fortis is at INR170 per share.
"The release of the Audited FY 2018 financial statements was a key milestone in underpinning the overall success of the transaction", Rajagopal said, adding the board looked "forward to continuing the dialogue with our shareholders ahead of the EGM to approve the transaction".
The determination access and administration cooperation was offered to all the four bidders, Fortis said.
"The proposals represent an opportunity for IHH to further expand its growth footprint in India, given India's tremendous growth potential with the rising demand for quality private healthcare".
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