Fortis Healthcare shows a "yes"
Fortis Healthcare is amongst the top three gainers on the BSE. It is currently up 5% at Rs.159.85 and this is after having gone up to Rs.161.
After defaulting on loan repayment, today Yes Bank has emerged as the top shareholder in the company.
Yes Bank acquired 17.3% stake or 8.97 crore shares of Fortis on invocation of a pledge after promoter group companies defaulted in credit facility provided by the bank to them.
This move by Yes Bank comes on the back of Supreme Court’s decision allowing financial institutions holding the pledged shares to sell them. Post this ruling, Axis Bank, Yes Bank, ECL Finance, IDBI Trusteeship on behalf of First Gulf Bank and Yes Bank, Ratnakar Bank rushed to sell out.
The Singh brothers now own less than 1% in the company.
There is news that IHH of Malysia will make voluntary open offer for Fortis to buy non promoter shares.