Foreign portfolio investor UBS Principal Capital Asia Limited has sold about 2.82 crore shares in Fortis Healthcare Ltd. for about ₹443.24 crore in an open market transaction.
Fortis is in the midst of a takeover battle. Fortis said on Thursday that its board would meet on May 10 to consider the various proposals. Manipal-TPG combine, Hero and Dabur Family Office, IHH Malaysia, China’s Fosun and KKR-backed Radiant Life are in the race.
According to bulk deal data on the NSE, UBS Principal Capital Asia sold the shares at ₹157 a share.
The shares were picked up by York Asian Opportunities Investments Master Fund LP, York Asian Strategic Metric Master LP and York Multi Strategy Master Fund LP.
According to shareholding pattern available on stock exchanges as of March 2018, UBS held a 2.32% stake in Fortis.
Two major investors in Fortis Healthcare, who have concerns over the bidding process for the cash-strapped Indian hospital operator, plan to vote against a Manipal Hospitals-led consortium if that group is selected as the winning bidder.
The two investors, who asked not to be named as they are not authorised to discuss the matter publicly, said the decision to extend the process for just one bidder has created fears that Fortis is disadvantaging others without properly consulting investors.
(With Reuters inputs)
