Fortis Arm to buy stake in TN hospital chain Malar

Mumbai: Ranbaxy Promotor Group Company Fortis Healthcare Ltd, will acquire about 46 per cent stake in Chenni-based Malar Hospitals Ltd, a company official said.

The acquisition will be done by its wholly-owned subsidiary, International Hospital Ltd, Fortis said in a statement.

Fortis, through its unit, will buy 28 per cent of equity from the promoters of Chennai-based Malar and another 18 per cent through a preferential share issue, said Anil Panwar, Fortis' president, (Finance).

Oscar Investments Ltd, another Ranbaxy group firm, will also acquire 7 per cent of equity through a preferential issue, he added.

The companies will make an open offer for the shares after the acquisition, Fortis Healthcare said in a filing with the Bombay Stock Exchange.