Sebi has approved IHH Healthcare Berhad’s open offer to acquire 26.1% stake in Fortis Healthcare, after a seven-year delay.
IHH had already bought 31.1% stake in Fortis in 2018 for ₹4,000 crore, but its open offer was stalled by Supreme Court litigation.
Dispute centered on Daiichi Sankyo’s ₹3,500 crore arbitration award enforcement against Fortis’ former promoters, Malvinder and Shivinder Singh.
Received Sebi Approval to Go Ahead with Fortis Open Offer: IHH Healthcare
The Securities and Exchange Board of India has approved IHH's request to proceed with an open offer for Fortis Healthcare and its arm Fortis Malar Hospitals
Fortis Moneycontrol
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The stalled open offer for a 26.1% stake in Fortis Healthcare by IHH Healthcare Berhad has finally been approved by the capital market regulator Sebi, seven years after the Malaysian firm acquired 31.1% in the Indian hospital chain, according to a regulatory filing on Friday.
The Securities and Exchange Board of India (Sebi), pursuant to its letter dated October 1, 2025, has approved IHH's request to proceed with an open offer for Fortis Healthcare and its arm Fortis Malar Hospitals, IHH Healthcare Berhad said in a filing to the Malaysian Stock Exchange.
The same was shared on BSE by Fortis Healthcare.
IHH's open offer for Fortis got stuck due to the legal fights, including at the Supreme Court, between Daiichi Sankyo and the former promoters of Fortis Healthcare, Singh Brothers -- Malvinder and Shivinder -- with the Japanese firm seeking to recover ₹3,500 crore awarded to it by a Singapore tribunal in its case related to the acquisition of erstwhile Ranbaxy.
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However, in September 2022, IHH said that the Supreme Court, in a ruling, had paved the way for the open offer, subject to approval from Sebi.
The matter dates back to 2018, when IHH clinched a ₹4,000-crore deal to acquire 31.1% stake in Fortis Healthcare, beating rival Manipal-TPG combine in the race.
Subsequently, IHH's open offer for an additional 26% stake in Fortis was scheduled to commence on December 18, 2018, and close on January 1, 2019, entailing a total sum of ₹3,300 crore.
However, in December 2018, the Supreme Court ordered status quo with regard to the sale of controlling stakes in Fortis Healthcare to IHH Healthcare by former Ranbaxy promoters and hospital operators -- Malvinder and Shivinder Singh, following a plea from Daiichi Sankyo.
The apex court's order put on hold IHH's open offer for an additional 26.1% stake in Fortis.
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Daiichi Sankyo was seeking enforcement of a foreign arbitral award made in Singapore on April 29, 2016, to the tune of ₹3,600 crore in its favour and against 20 respondents, including Malvinder Mohan Singh, Director of Oscar Investments Ltd and RHC Holding Pvt Ltd and Shivinder Mohan Singh, Director of Oscar Investments Ltd.
The former promoters of Fortis Healthcare Ltd were facing a court battle after Daiichi had challenged the Fortis-IHH share deal to recover the arbitration award.
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