A Fortis Healthcare India Ltd. Renkare dialysis clinic stands in New Delhi, India (Photographer: Prashanth Vishwanathan/Bloomberg)

Fortis Healthcare Promoter Holding Falls To 5.87% 

Promoter and promoter group holdings in Fortis Healthcare Ltd. have come down to 5.87 percent from 8.85 percent, following invocation of pledged shares, the healthcare chain said.

In a regulatory filing, Fortis Healthcare said that nearly 1.54 crore pledged shares of the company, accounting for 2.98 percent stake, have been invoked on Feb. 17.

Subsequently, the stake of promoter firm Fortis Healthcare Holdings along with promoters Malvinder Mohan Singh and Shivinder Mohan Singh and other family entities have come down to 5.87 percent from 8.85 percent earlier, the filing added.

Last week, the Supreme Court allowed financial institutions, with whom shares of Fortis Healthcare have been pledged, to sell such shares.

Also Read: Singhs Said to Have Taken $78 Million From Fortis Healthcare

On Feb. 15, a bench of Justices Ranjan Gogoi and R Banumathi had clarified its earlier status quo order and said that the shares of Fortis Healthcare encumbered by Fortis Healthcare Holding Pvt. with the financial institutions can be sold, traded or transferred.

Earlier, the apex court had restrained financial institutions, including Axis Bank Ltd. and Yes Bank Ltd., from selling the shares pledged by the former Ranbaxy promoters and ordered them to maintain status quo with regard to both encumbered and unencumbered shares.

Also Read: Why Fortis Remains An Attractive Bet Despite Founders’ Troubles

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