FORTIS

March 21 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• EX-PARTE INJUNCTION ORDER RESTRAINS SALE OF SHRIMANN HOSPITAL

• SHRIMANN HOSPITAL SEEKS AMICABLE SETTLEMENT TO VACATE INJUNCTION ORDER

Source text: ID:nBSE74DDNC

Further company coverage: FOHE.NS

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Updates Feb 6 story to write through, update shares in paragraph 4

Feb 6 (Reuters) - Malaysia's IHH Healthcare IHHH.KL may be entitled to damages of up to $1.25 billion from Japan's Daiichi Sankyo 4568.T for blocking its bid for control of Indian hospital operator Fortis FOHE.NS, according to a report authorised by its unit.

Northern TK Venture (NTK), a subsidiary of IHH Healthcare, has submitted an expert report by Osborne Partners to a Tokyo court, which states the amount of compensation it is entitled to ranges from 4.24 billion rupees to 109.3 billion rupees, according to a statement on Thursday by its parent.

The report includes an analysis and quantification of the damages that NTK suffered based on three scenarios, IHH said.

IHH shares were trading 0.1% higher on Friday trade while the Japanese pharmaceutical firm's stock fell 0.5%. Fortis was trading more or less unchanged in early India trade.

The report comes more than a year after NTK had filed a claim alleging Daiichi caused losses to the firm by preventing it from going ahead with open offers to increase its stake in Fortis in 2018.

IHH, Asia's largest healthcare operator, had bought a 31% interest in the Indian firm through NTK, but later halted its open offer to buy an additional 26% after the Japanese company filed a contempt plea against Fortis' founders.

Fortis, in a filing with India's National Stock Exchange, did not comment on the issue but said it would update shareholders in case of any material developments. Daiichi did not respond to a Reuters request.

The next hearing at the Tokyo court is now scheduled for February 13, according to a separate statement from IHH.

($1 = 87.5600 Indian rupees)

(Reporting by Shivangi Lahiri and Rishav Chatterjee in Bengaluru; Editing by Mrigank Dhaniwala, Leroy Leo and Lincoln Feast.)

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** India's Fortis Healthcare FOHE.NS, One 97 Communications PAYT.NS, Coforge COFO.NS and four other stocks rise between 1% and 5% ahead of MSCI rebalancing announcement post-market hours on Feb. 11

** Eight Indian stocks likely to be included in MSCI indexes, attracting $1.28 billion inflows, says JM Financial Services

** MSCI indexes tracked widely by investors, passive funds globally

** FOHE, PAYT, COFO, and Coromandel International CORF.NS up 5.3%, 2.7%, 1.4% and 1% respectively; JM Financial Services sees high probability of their inclusion

** Blue Star BLUS.NS, Federal Bank FED.NS, Uno Minda UNOI.NS, and GE Vernova TD India GETD.NS are JM Financial's "low conviction" inclusion candidates, up 0.1%-5%

(Reporting by Vivek Kumar M)

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Dec 20 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• ACQUIRES 7.61% EQUITY STAKE IN AGILUS DIAGNOSTICS

• DEAL FOR 4.29 BILLION RUPEES

Source text: ID:nBSE8xX90k

Further company coverage: FOHE.NS

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MUMBAI, Dec 13 (Reuters) - India's Fortis Healthcare FOHE.NS plans to raise 15.50 billion rupees ($182.71 million) through the sale of floating rate bonds maturing in five years, three bankers said on Friday.

The company has invited bids from bankers and investors for the issue on Tuesday, they said.

The issuer will sell these bonds at a spread of 192 basis points over the 12-month Mumbai Interbank Forward Offer Rate (MIFOR) and the coupon will be reset annually.

Fortis Healthcare did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Dec. 13:

* Size includes base plus greenshoe for some issues

($1 = 84.8360 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)

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Nov 8 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• Q2 CONSOL NET PROFIT FROM CONTINUING OPERATIONS 1.76 BILLION RUPEES

• Q2 CONSOL REVENUE FROM OPERATIONS 19.88 BILLION RUPEES

Source text: ID:nBSE3J54vG

Further company coverage: FOHE.NS

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MUMBAI, Oct 11 (Reuters) - India's Fortis Healthcare FOHE.NS plans to raise 15.50 billion rupees ($184.5 million) through the sale of bonds maturing in five years, three bankers said on Friday.

It will invite coupon and commitment bids for the issue next week, they said.

Here is the list of deals reported so far on Oct 11:

*Size includes base plus greenshoe for some issue

($1 = 84.0300 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Varun H K)

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Oct 9 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• ISSUE OF NON-CONVERTIBLE DEBENTURES UP TO 15.50 BILLION RUPEES

Source text for Eikon: ID:nNSE9vSXQW

Further company coverage: FOHE.NS

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Oct 4 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• TO CONSIDER ISSUE OF NON-CONVERTIBLE DEBENTURES

Source text for Eikon: ID:nBSE7zxymR

Further company coverage: FOHE.NS

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Sept 23 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• FORTIS HEALTHCARE - CHAIRMAN RAVI RAJAGOPAL TO STEP DOWN

• FORTIS HEALTHCARE - DESIGNATES INDRAJIT BANERJEE AS CHAIRMAN

Source text for Eikon: ID:nBSEbwCCSM

Further company coverage: FOHE.NS

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** Shares of Fortis Healthcare FOHE.NS rise as much as 2.7% to record high of 566.4 rupees

** The hospitals operator approved acquisition of entire stake in unit Agilus Diagnostics on Friday after market close

** Stock rose in the last six months, gaining 35.3% during the period

** FOHE has been above its 200-day simple moving avgs since June 2023, indicating bullish sentiment

** Avg rating of the 13 analysts is "Buy" and median PT is 547 rupees, ~2.5% lower than current price - LSEG data

** FOHE last up 1.5%, adding to YTD gains of 33.6% so far

(Reporting by Anuran Sadhu in Bengaluru)

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Aug 30 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• FORTIS HEALTHCARE - ACQUISITION BY CO OF ENTIRE STAKE HELD BY PE INVESTORS IN AGILUS DIAGNOSTICS

• FORTIS HEALTHCARE - FOR ACQUISITION OF STAKE IN ADL RAISING FUNDS THROUGH ISSUANCE OF DEBENTURES

Further company coverage: FOHE.NS

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Aug 9 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• PE INVESTORS EXERCISE PUT OPTION FOR STAKE HELD BY THEM IN AGILUS

• PE INVESTORS EXERCISE PUT OPTION FOR 8.05% AND 7.61% STAKE IN AGILUS

Source text for Eikon: ID:nBSE7191ch

Further company coverage: FOHE.NS

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BENGALURU, Aug 6 (Reuters) - India's Fortis Healthcare FOHE.NS on Tuesday reported the resignation of Ravi Rajagopal as the company's chairman, citing his "expanded board commitments in the U.K and other regions".

Rajagopal will also cease to be a member of the company's Corporate Social Responsibility Committee, it added.

His departure will be effective Sept. 30.

Rajagopal was appointed as chairman in June 2018, at a time when the private hospital chain was facing mounting debts and a regulatory probe.

In his resignation letter, Rajagopal said from the time the Group faced various challenges to its current trajectory of sustained performance, it has been a personally fulfilling experience.

(Reporting by Manvi Pant in Bengaluru; Editing by Shailesh Kuber)

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July 5 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• RE-APPOINTMENT OF ASHUTOSH RAGHUVANSHI AS MD

• DESIGNATED PREM KUMAR NAIR AS VICE-CHAIRMAN

Source text for Eikon: ID:nBSE89wjXs

Further company coverage: FOHE.NS

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Fortis Healthcare Ltd FOHE.NS:

• FORTIS HEALTHCARE LTD - DIVIDEND OF 1 RUPEE PER SHARE

• FORTIS HEALTHCARE LTD MARCH-QUARTER CONSOL NET PROFIT 2.03 BILLION RUPEES VERSUS 1.38 BILLION RUPEES

• FORTIS HEALTHCARE LTD MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 17.86 BILLION RUPEES VERSUS 16.43 BILLION RUPEES

Source text for Eikon: ID:nBSE8ZHfwG

Further company coverage: FOHE.NS

April 18 (Reuters) - IHH Healthcare Bhd IHHH.KL:

• SUBSCRIPTION OF 235.3 MILLION NEW EQUITY SHARES IN FORTIS HEALTHCARE

• NORTHERN TK VENTURE AND PACS DECIDED TO ADJUST MALAR OFFER PRICE INR 20.1 PER EQUITY SHARE

• MANDATORY OPEN OFFER FOR ACQUISITION OF 4.9 MILLION FULLY PAID UP EQUITY SHARES IN FORTIS MALAR HOSPITAL BY NORTHERN TK VENTURE

Further company coverage: FOHE.NS

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** Shares of Fortis Malar Hospitals FORT.BO rise 20% to 67.59 rupees

** Stock hits upper limit of exchange-mandated trading band

** Healthcare services provider on Friday declared an interim dividend of 40 rupees per share

** Stock on track for a second consecutive session of gains, and its best one-day gain since late-June 2023

** More than 112,000 shares change hands by 11:24 a.m. IST, 4.1x the 30-day avg

** Including session's gain, stock is up ~15% YTD

(Reporting by Navamya Ganesh Acharya in Bengaluru)

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April 5 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• UNIT RECEIVED COURT ORDER WHEREIN TAX DEMAND OF 1.24 BILLION RUPEES HAS BEEN QUASHED

Source text for Eikon: ID:nBSEc6D3LJ

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March 22 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• UNIT GOT INCOME TAX ASSESSMENT ORDER WITH A DEMAND OF 895.3 MILLION RUPEES INCLUDING INTEREST OF 95.4 MILLION RUPEES

Source text for Eikon: ID:nBSE8cQfF6

Further company coverage: FOHE.NS

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** Shares of Fortis Healthcare Ltd FOHE.NS hit record high of 469.7 rupees

** Private hospital chain's CEO told the Hindu Businessline on Sunday co plans to add 600 beds by end of FY24, taking overall capacity to 5,100 beds

** FOHE is one of India's largest private hospital chains by capacity after leader Apollo Hospitals APLH.NS and Manipal Hospitals

** More than 4 mln shares traded, 3.2x 30-day avg volume

** FOHE's avg rating of "Buy" in line with other major listed hospital stocks - LSEG data

** Co's 12-mth forward P/E of 42.8 trails APLH's 51.2 and Max Healthcare's MAXE.NS 61.8

** Stock last up 6%, has gained 10% YTD, outperforming APLH but trailing MAXE's 18% rise

(Reporting by Nandan Mandayam in Bengaluru)

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Jan 19 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• UNIT RECEIVED A NOTICE FROM ANTI-CORRUPTION BRANCH, GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI

• NOTICE REGARDING ALLEGED ANOMALIES IN DIAGNOSTICS TEST IN AAM AADMI MOHALLA CLINIC AND OTHER ISSUES

Source text for Eikon: ID:nNSEXnnkN

Further company coverage: FOHE.NS

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** Shares of Fortis Healthcare FOHE.NS rise 6% to a record high of 444.55 rupees, extending their rally

** Nomura reiterates "buy" on the hospitals' operator's stock and raises TP to a Street-high 475 rupees, an implied upside of 17.3%

** Avg rating of 12 analysts tracking FOHE is also the equivalent of "buy", while avg TP at 450.80 rupees - LSEG data

** Nomura says its TP hike driven by expectations of growth in avg revenue per operating bed (ARPOB) over FY25-30

** Sees scope for margin expansion due to divestment of two loss-making entities, rising volumes of international patients

(Reporting by Bharath Rajeswaran in Bengaluru)

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** Shares of Fortis Healthcare FOHE.NS rise as much as 4.4% to 423 rupees, hitting a new record

** Stock has hit record high 10 times this month, including on Friday

** Share price above 50-day, 100-day and 200-day simple moving averages since Nov. 3

** Avg rating of 12 analysts close to equivalent of "buy", median PT is 410 rupees - LSEG data

** Stock closed up 3.4%, bumping YTD gains to 46.5%, best since 2021

(Reporting by Ashish Chandra in Bengaluru)

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By Aby Jose Koilparambil and Rishika Sadam

Dec 21 (Reuters) - India's prominent hospital chains are shifting their focus to smaller centres and facilities as they chase growth in the booming healthcare market while coping with higher real estate costs and a dearth of land space in its cities.

Though healthcare facilities are still in short supply in most parts of India, and especially so in its towns and smaller cities, patients in the world's most populous nation are showing a greater preference for specialised-but-accessible amenities in the post-COVID pandemic era.

That trend is expected to form the bedrock of demand in the Indian healthcare market, which, according to forecasts by global consulting firms Boston Consulting Group and B Capital, is expected to grow near three-fold over eight years to $458 billion in 2030.

"We don't build facilities with 600-700 beds anymore as you have to be catering to a micro market," Temasek-owned Manipal's Managing Director and Chief Executive Officer Dilip Jose said, highlighting how India's second-largest hospital chain plans to focus on units with 250-325 beds.

The change is also reflective of infrastructure issues.

"Metro Indian cities are too large and the traffic at these cities is making it difficult for people for travel to one large hospital," said a spokesperson at children's-hospital chain Rainbow RAIB.NS.

That is forcing hospitals to evaluate "micro markets" within the cities and build smaller hospitals to cater to them.

India has 1.3 beds per 1000 people, well below the World Health Organization recommended ratio of 3 per 1000, indicating it needs 2.4 million additional beds, a study by property consultancy Knight Frank and its US partner Berkadia showed.

It needs an additional 2 billion square feet of healthcare space to cater to its 1.42 billion people, the study said.

CHANGING TACK

Healthcare providers are also looking to get more bang for their buck.

"Bringing the services closer to the customers is to a large extent also driven by the economies of scale, which best works up to a sizing of 300-350 beds," said Saurabh Mehrotra, executive director, valuation and advisory at Knight Frank India.

Some hospital chains such as Fortis Healthcare FOHE.NS, partly owned by Malaysia's IHH Healthcare IHHH.KL, are shifting gears to cope with volatile real estate prices.

Fortis is relying mostly on "brownfield" sites, or land that has previously been built on, rather than land that has yet to be developed, while expanding.

"This approach allows us to efficiently advance our expansion plans without the burden of fluctuating land prices," Fortis MD and CEO Ashutosh Raghuvanshi said.

Manipal will rely on the "smaller is better" formula while expanding in metros such as Hyderabad and Pune, and Tier 2 cities in Kerala, Andhra Pradesh and Maharashtra, CEO Jose said.

India's largest private hospital chain Apollo Hospitals APLH.NS aims to add 2,860 beds over the next three years, including in Tier 2 cities such as Mysore and Varanasi, while Rainbow will focus on expanding in the smaller cities of Andhra Pradesh and Tamil Nadu.

Some of the larger Indian healthcare providers are also moving to an asset-light strategy, keeping the land and building out of their books, according to Knight Frank's Mehrotra, forcing commercial property firms to change too.

"Now, the developers are more amenable to build-to-lease and have a 20-30-year contract with a visibility on cash flow than to build with a purpose to sell," the Rainbow spokesperson said.

(Reporting by Aby Jose Koilparambil in Bengaluru and Rishika Sadam in Hyderabad; Editing by Dhanya Skariachan and Muralikumar Anantharaman)

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** Fortis Healthcare FOHE.NS shares up 1.7% at 372.6 rupees

** Co on Friday said it sold assets of Fortis Malar hospital Adyar, Chennai to MGM Healthcare for 1.28 billion rupees ($15.4 million)

** Goldman Sachs retains "buy" rating on stock, saying deal marks significant step in ongoing portfolio rationalisation

** Although management has been able to resolve several of the hospital's legacy issues, some aspects persist - challenging profitability in Malar hospital - GS

** About 2 mln shares change hands, 1.3x the 30-day avg

** Stock up over 29% YTD

($1 = 83.3680 Indian rupees)

(Reporting by Sethuraman NR)

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Nov 24 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• FORTIS HEALTHCARE LTD- SALE OF OPERATIONS, LAND, BUILDING ASSETS OF FORTIS MALAR HOSPITAL ADYAR, CHENNAI TO MGM HEALTHCARE FOR 1.28 BILLION RUPEES

Source text for Eikon: ID:nBSE8zh8VB

Further company coverage: FOHE.NS

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Updates throughout with detail and background on litigation

Nov 14 (Reuters) - Malaysia's IHH Healthcare IHHH.KL on Tuesday said its unit filed a claim against Japan's Daiichi Sankyo 4568.T in mid-October seeking damages in excess of 20 billion yen ($131.86 million) in relation to its stake buy in India's Fortis Healthcare FOHE.NS.

On Oct, 16, Northern TK Venture filed a claim against the Japanese pharmaceuticals manufacturer stating it caused losses to the company by preventing it from proceeding with open offers to buy a stake in Fortis Healthcare in 2018.

IHH Healthcare in December 2018 halted its open offer to buy an additional 26% stake in Fortis after a court ruling ordered status quo to be maintained after Daiichi filed a contempt plea against Fortis founders, according to media reports.

"The claims filed by NTK against Daiichi Sankyo are tort claims premised on the latter's unlawful interference with NTK’s trade or business, conspiracy of Daiichi Sankyo and other persons, malicious falsehood and defamation under the applicable substantive laws," IHH Healthcare said on Tuesday.

A tort claim is a wrong that arises in court citing injury or harm to a party.

NTK is also seeking an injunction to prevent Daiichi Sankyo from defaming NTK in the future, said IHH, Asia’s largest private healthcare group.

($1 = 151.6800 yen)

(Reporting by Aaditya Govind Rao in Bengaluru; Editing by Nivedita Bhattacharjee)

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Nov 10 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• SEPT-QUARTER CONSOL NET PROFIT 1.84 BILLION RUPEES VERSUS 2.18 BILLION RUPEES YEAR AGO

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 17.7 BILLION RUPEES VERSUS 16.07 BILLION RUPEES YEAR AGO

Further company coverage: FOHE.NS

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Sept 25 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• ACCORDED CONSENT TO ENTER SHARE PURCHASE AGREEMENT FOR ACQUIRING 99.9% STAKE IN ARTISTERY PROPERTIES PRIVATE LIMITED

• ENTERPRISE VALUE OF ACQUISITION AT 320 MILLION RUPEES

• NEW COMMERCIAL UNDERSTANDING WITH ARTISTERY WHEREBY, PROPOSED TO CHANGE DEAL STRUCTURE VIA ACQUISITION OF ARTISTERY BY CO

Source text for Eikon: ID:nBSE6lnb1Z

Further company coverage: FOHE.NS

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