A patient undergoes dialysis at a Fortis Healthcare India Ltd. Renkare dialysis clinic. (Photographer: Prashanth Vishwanathan/Bloomberg)

Yes Bank Sells Over 2% Stake In Fortis Healthcare

Yes Bank Ltd. said it has sold its over 2 percent stake in Fortis Healthcare Ltd. in tranches.

"We would like to inform that Yes Bank has sold 1.23 crore equity shares having nominal value of Rs 10 each, constituting 2.13 percent 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, the last on Dec. 18, which resulted in change in holding of the bank by more than 2 percent of the total shareholding in FHL.

Companies are required to inform the exchanges if the change in shareholding of an entity is over 2 percent. According to shareholding data on BSE, Yes Bank held 9.33 percent stake in FHL as on Nov. 21.

On Monday, Malaysia-based IHH Healthcare said it will not be able to proceed with 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.

Also read: Unable To Proceed With Fortis Open Offer For Now, IHH Healthcare Says

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

Stock of Yes Bank closed 1.21 percent down at Rs 178.90 on BSE, while Fortis Healthcare closed 0.84 per cent lower at Rs 136.35.