Saraf & Partners and S&R Associates advised on IHH Healthcare’s open offers for Fortis Healthcare and Fortis Malar Hospitals.

Saraf and Partners acted as legal counsel to Fortis Healthcare Limited (FHL) in connection with open offer to acquire 26.1% stake in FHL by IHH Healthcare Berhad and its wholly owned subsidiaries, Northern TK Venture and Parkway Pantai, valued at INR 4409 Crores.

Following resolution of pending judicial proceedings and extensive interface with regulatory authorities, the open offer has been concluded in November 2025.

Saraf & Partners also advised FORTIS MALAR HOSPITALS LIMITED (a subsidiary of FHL) in relation to IHH Healthcare Berhad’s open offer to acquire 26.11% stake in FMHL.

The transaction team consisted of Senior Partner Vaibhav Kakkar, Partners Sahil Arora, & Debarpan Ghosh, Senior Associates Paayas P, & Anuj Garg, Associates Sonia Mangtani, and Umang Agarwal. The disputes team was led by Senior Partner Sanjeev Sharma and Partner Designate Sanya Sud and included Principal Associate Vaishali Goyal and Associate Raahul Sharma.

S&R Associates represented IHH Healthcare Berhad (“IHH”), one of the world’s leading private healthcare groups, and its wholly-owned indirect subsidiaries, Northern TK Venture Pte. Ltd (“NTK”) and Parkway Pantai Limited (“PPL”) (NTK as the acquirer, with IHH and PPL acting in concert) in the INR 44.09 billion open offer under the Takeover Code for the acquisition of 26.1% of the share capital of Fortis Healthcare Limited, a leading listed healthcare services provider. S&R also represented IHH, NTK and PPL (NTK as the acquirer, with IHH and PPL acting in concert) in the INR 175.99 million open offer under the Takeover Code for the acquisition of 26.11% of the share capital of Fortis Malar Hospitals Limited, a listed subsidiary of Fortis Healthcare Limited. Following the completion of the transactions, IHH’s indirect shareholding in Fortis Healthcare Limited and Fortis Malar Hospitals Limited is 31.17% and 62.73%, respectively.

The S&R team was led by Partners Sandip Bhagat, Rajat Sethi and Raya Hazarika, and included Associates Stuti Dhundia, Srikari Kancherla, Vishvesh Vikram and Rishabh Uppal on corporate matters. Partners Niti Dixit and Savani Gupte and Associates Ishita Mathur, Sameer Gupta and Lokesh Rajoria advised on litigation matters.