Fortis Healthcare shares soar 8% to record high after this development; check details

At around 10:41 am, the stock was trading 5.75% higher at ₹1,036.80 per equity share.

This comes after IHH Healthcare Berhad’s stalled open offer for a 26.1% stake in Fortis Healthcare was finally approved by the capital market regulator SEBI, seven years after the Malaysian firm acquired 31.1% in the Indian hospital chain, according to a regulatory filing on Friday.

The Securities and Exchange Board of India (SEBI), pursuant to its letter dated October 1, 2025, approved IHH's request to proceed with an open offer for Fortis Healthcare and its arm, Fortis Malar Hospitals, IHH Healthcare Berhad said in a filing to the Malaysian Stock Exchange.

The same was shared on the Indian bourses, NSE and BSE, by Fortis Healthcare.

IHH's open offer for Fortis was stuck due to legal fights, including one at the Supreme Court, which was between Daiichi Sankyo and the former promoters of Fortis Healthcare, Singh Brothers, Malvinder, and Shivinder. The Japanese firm was seeking to recover ₹3,500 crore awarded to it by a Singapore tribunal in its case related to the acquisition of the erstwhile Ranbaxy.

However, in September 2022, IHH said that the Supreme Court, in a ruling, had paved the way for the open offer, subject to approval from SEBI.

The matter dates back to 2018, when IHH clinched a ₹4,000-crore deal to acquire 31.1% stake in Fortis Healthcare, beating rival Manipal-TPG combine in the race.

Subsequently, IHH's open offer for an additional 26% stake in Fortis was scheduled to commence on December 18, 2018, and close on January 1, 2019, entailing a total sum of ₹3,300 crore.

However, in December 2018, the Supreme Court ordered status quo concerning the sale of controlling stakes in Fortis Healthcare to IHH Healthcare by former Ranbaxy promoters and hospital operators, Malvinder and Shivinder Singh, following a plea from Daiichi Sankyo.

The apex court's order put IHH's open offer on hold for the additional 26.1% stake in Fortis.

Daiichi Sankyo was seeking enforcement of a foreign arbitral award made in Singapore on April 29, 2016, to the tune of ₹3,600 crore in its favour and against 20 respondents, including Malvinder Mohan Singh, Director of Oscar Investments Ltd and RHC Holding Pvt Ltd, and Shivinder Mohan Singh, Director of Oscar Investments Ltd.

The former promoters of Fortis Healthcare Ltd were facing a court battle after Daiichi had challenged the Fortis-IHH share deal to recover the arbitration award.

The stock has surged over 8% in the past five days and nearly 9% in the past month. The scrip advanced over 61% in the last six months. On a year-to-date basis, it rose by over 44%.

The share reached a 52-week low of ₹572 apiece on October 25, 2024.

Fortis Healthcare has a total market capitalisation of ₹77,307.71 crore, as of October 6, 2025, according to data on the NSE.