Fortis Healthcare posts Q4 net profit of Rs 151 cr

Consolidated revenue from operations increased to Rs 1,184.15 crore from Rs 1,086.38 crore in same quarter a year ago.

Delay in offer: IHH says it 'understands concerns' of Fortis' minority shareholders

The delay is due to the stay imposed on the open offer by the Supreme Court of India in the contempt case filed by Daiichi Sankyo.

The board also approved the appointment of four IHH nominees on Fortis board.

In July, Malaysia's IHH Healthcare had won the race to take control of Fortis with plans to immediately invest Rs 4,000 crore.

IHH Healthcare is expected to shell out a total of Rs 7,300 crore to acquire 57.1 per cent stake.

Malaysian firm will make a mandatory open offer to public shareholders for 26 pc of the outstanding shares post issuance.

It, however, did not disclose details of the quantum of funds to be raised.

The company had earlier scrapped its decision to opt for the offer by the Munjal-Burman combine to invest Rs 1,800 crore in the company.

Earlier this week, Fortis Healthcare initiated a fresh time-bound bidding process for its sale.

As per the latest timeline, binding bids should be submitted on June 14 between 8.30 am to 9.30 am.