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ICICI Securities Report
The Supreme Court of India has announced its judgement in the Daiichi Sankyo-Fortis-IHH case. Excerpts from the judgement:
stay order on the open offer of 26% post Fortis-IHH deal in FY19 continues;
pronounces jail term of six months for the Singh brothers;
remands the issue to Delhi High Court; and
directs Delhi HC to consider a forensic audit for the Fortis-IHH deal.
Fortis will seek legal advice on the matter. As legal battle ensues, IHH remains the majority stakeholder (~31%) of Fortis and shall continue to operate the business as usual. Hence, we believe the stock holds fundamental with recovery in growth, cost optimisation and potential for operating leverage in both its verticals (hospitals and diagnostics).
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