The Hindu : Business : Malar reconstitutes board

Online edition of India's National Newspaper
Wednesday, Feb 20, 2008
ePaper | Mobile/PDA Version

Business

Business

Malar reconstitutes board

NEW DELHI: Malar Hospitals Limited (MHL) on Tuesday reconstituted its board following the acquisition of majority stake by Ranbaxy group company Fortis Healthcare recently.

Fortis CEO and Managing Director D. Shivinder Mohan Singh will become the non-executive Chairman of MHL. Nithya Rammurthy, promoter of the hospital, will continue as a member of the board.

The acquisition of 62.17 per cent stake in MHL for Rs. 34.68 crore has been done by International Hospital Limited (IHL), a wholly-owned subsidiary of Fortis Healthcare, along with Oscar Investments Ltd. (OIL), Fortis said in a press release.

“The completion of the acquisition process is an important milestone in our national roll-out plans. Malar Hospital is well established in Chennai, and enjoys strong brand equity in the South, which is an advantage, as it is our first entry into the region,” Mr. Singh said.

“We would also look at expanding footprint in the South soon, going forward,” he added. IHL along with OIL had earlier acquired 20.97 per cent stake by way of preferential allotment in October 2007.

Post the open offer made to the existing shareholders and share purchase agreement with the promoters, the total equity share capital held by IHL is 48.83 per cent, while OIL’s holding stands at 13.34 per cent, the statement added.

Malar Hospitals, with 180 beds, is a multi-speciality hospital focusing on comprehensive medical care in the areas of gastroenterology, neurology, gynaecology, paediatrics, diabetics, orthopaedics and nephrology. — PTI

Printer friendly page
Send this article to Friends by E-Mail

Business

News Update

Stories in this Section