Yes Bank sells over 2% stake in Fortis Healthcare

Yes Bank sold 1.23 crore equity shares having nominal value of Rs 10 each, constituting 2.13% of the paid-up share capital of Fortis Healthcare

New Delhi: Private sector lender Yes Bank said it has sold over 2% stake in Fortis Healthcare Ltd (FHL) in tranches.

“We would like to inform that Yes Bank has sold 1,23,37,323 equity shares having a nominal value of Rs 10 each, constituting 2.13% of the paid-up share capital of FHL,” the lender said in a regulatory filing.

The bank said the stake was sold in various tranches, last being on December 18, 2018, which resulted in the change in holding of the bank by more than 2% of the total shareholding in FHL.

Companies are required to inform the exchanges if the change in shareholding of an entity is over 2%.

According to shareholding data on BSE, Yes Bank held 9.33% stake in FHL as on November 21, 2018.

On Monday, Malaysia-based IHH Healthcare said it will not be able to proceed with an open offer for FHL for the time being, following the Supreme Court order to put on hold sale of controlling stake in the Indian hospital chain.

However, the apex court’s order does not impact IHH Healthcare’s acquisition of 31.1% stake in FHL for Rs 4,000 crore, which was completed on November 13, it said in a regulatory filing.

Also Read: Yes Bank confident of Fortis Healthcare fetching good valuation