Yes Bank has acquired more than 17 per cent share in Fortis Healthcare, making the bank the largest shareholder in the healthcare major.
This comes after India’s second largest hospital chain defaulted on loans provided by the Mumbai-based private lender.
Last month, Fortis Healthcare’s promoters Malvinder Mohan Singh and Shivinder Mohan Singh had resigned from the company’s board days after the Delhi High Court upheld an international arbitral award of Rs 3,500 crore to Daiichi Sankyo against the former promoters of Ranbaxy Laboratories.
Fortis Healthcare is in the midst of a takeover battle, while there have been reports that international private equity major TPG-backed Manipal Hospitals is in advanced talks to merge Fortis with itself.
Banks and financial institutions have selling the shares of Fortis that were pledged with them against loans following the Supreme Court lifting an earlier ban on such sales.