The Hindu Business Line : Legal row not to impact IPO, says Fortis

New Delhi April 6 The legal wrangle surrounding the acquisition of Escorts Heart Institute and Research Centre by Fortis would not impact the latter's forthcoming IPO, say Fortis' promoters.

"As per our understanding, both the entity and the acquisition are legal. In the last 18 months the other side has not come up with anything significant to show that the acquisition is illegal," said Mr Shivinder Mohan Singh, Managing Director, Fortis Healthcare.

Mr Anil Nanda, estranged brother of Escorts Chairman Mr Rajan Nanda, had filed a petition in the High Court seeking direction to restrain Fortis from raising money through an IPO.

One of the main objectives of Fortis' IPO is to pay-off the debt incurred in acquiring Escorts Heart Institute.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Forex reserves pushing $200-billion mark

CPI(M) wants ceiling on SEZs to be reviewed

IOC pins hopes on strong rupee

India-Iran gas pipeline pact by June: Deora

Ranbaxy acquiring 14.9% stake in Jupiter Bio

`Clearance for clinical trials quicker in India'

Maharashtra sugar mills slash export price

Legal row not to impact IPO, says Fortis

Cisco drafts new plans for small, medium business

Easier norms for stand-alone health insurance companies

Now, foreign cos looking at India for complex jobs

India Inc moves on affirmative action

Rlys mulls financing options for high-speed passenger corridor

Exporters say no to new valuation rules