Fortis Healthcare independent directors recommend open offer, highlight market price disparity

Fortis Healthcare Limited's committee of independent directors (IDC) has recommended the open offer by Northern TK Venture Pte. Ltd., IHH Healthcare Berhad, and Parkway Pantai Limited to acquire up to 197,025,660 equity shares. The offer price for original shareholders (holding shares since December 4, 2018) is INR 223.80 per equity share, including an interest amount of INR 53.80 calculated at 10% per annum from September 22, 2022, to November 19, 2025. For other shareholders, the offer price is INR 170 per equity share.

The IDC noted that the offer price, including applicable interest, is in accordance with SEBI (SAST) Regulations and SEBI's guidance, deeming it fair and reasonable from a regulatory and legal standpoint. However, the IDC highlighted that the closing market price of Fortis Healthcare's equity shares on October 14, 2025, was significantly higher at INR 1,081.40 on NSE and INR 1,081.15 on BSE, compared to the open offer price.

The IDC advises shareholders to independently evaluate the open offer considering the current market performance of the company's scrip before making an informed decision. The detailed recommendations and legal advice from Shardul Amarchand Mangaldas & Co. and financial advice from Morgan Stanley India Company Private Limited are available on the company's website.