{
  "id": 10426179,
  "title": "IHH says Fortis stake acquired via transparent, widely public competitive bidding",
  "url": "https://urgent.news/2026/09/28/ihh-says-fortis-stake-acquired-via-transparent-widely-public",
  "topic": "world",
  "section": "World",
  "published": "2026-09-28T11:03:21.000Z",
  "source": {
    "name": "New Straits Times",
    "slug": "new-straits-times",
    "url": "https://www.nst.com.my/business/corporate/2026/09/1543208/ihh-says-fortis-stake-acquired-transparent-widely-public"
  },
  "original_language": "en",
  "account": "KUALA LUMPUR: IHH Healthcare Bhd has maintained that its subsidiary, Northern TK Venture Pte Ltd (NTK), bought its stake in Fortis Healthcare in 2018 through a transparent, widely publicized, and fully compliant competitive bidding process. The healthcare group disclosed this in a filing with Bursa Malaysia, stating that the transaction received all required corporate, shareholder, and regulatory approvals, including those mandated by the Competition Commission of India (CCI) and the Securities and Exchange Board of India (SEBI). IHH's investment was facilitated through a preferential allotment of newly issued Fortis shares, totaling INR4,000 crore, which granted them a 31 percent stake, alongside a mandatory tender offer to existing public shareholders. The statement clarified that no secondary shares were purchased from the company's former promoters, Malvinder Mohan Singh and Shivinder Mohan Singh, nor were any payments made to them. The statement was issued following the Supreme Court of India's decision on September 25, 2026, to dismiss a Special Leave Petition filed by Fortis challenging a Delhi High Court's order for a forensic audit regarding the company's transaction. IHH expressed its willingness to cooperate fully with the forensic audit and expressed confidence that an independent review would objectively confirm the facts surrounding the transaction.",
  "summary": "KUALA LUMPUR: IHH Healthcare Bhd said its position remained that its subsidiary, Northern TK Venture Pte Ltd (NTK), acquired its stake in Fortis Healthcare in 2018 through a transparent, widely public and fully regulated competitive bidding process.",
  "key_points": [
    "IHH Healthcare acquired Fortis stake in 2018 through transparent bidding.",
    "Transaction received all required approvals, including CCI and SEBI.",
    "No secondary shares purchased from former promoters Malvinder and Shivinder Mohan Singh."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}