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April 24, 2018
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Yes Bank invokes share pledge, picks up 17% stake in Fortis HealthcareThe bank has acquires 89,781,906 shares through this route.

Yes Bank, the private lender, has acquired a significant stake in Fortis Healthcare Ltd.

The acquisition is done by invoking the pledge on the shares.

Yes Bank is forced to invoke the pledge when the promoter group companies defaulted on the credit facility the bank had extended to them.

The bank has acquired 89,781,906 shares through this route.

This is reportedly works out to around 17% in Fortis Healthcare.

The bank has already reported the acquisition to the stock exchanges.

The Yes Bank action comes in the wake of reports that IHH Healthcare Bhd of Malaysia could launch a voluntary open offer to buy the non-promoter shares of Fortis Healthcare in the next few days. IHH, it may be recalled, had walked out of bilateral negotiations with promoters Malvinder and Shivinder Singh who were in control of Fortis then. Reports indicate that a TPG-Manipal Hospitals combine has also set its eyes on acquiring a minimum holding of 51% in Fortis.