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YES Bank acquires 17.3% stake in Fortis Healthcare

YES Bank said it has acquired 17.3% stake in Fortis Healthcare after the promoter group of the hospital chain defaulted on loans provided by the bank. The bank has acquired 8.97 crore shares of Fortis on invocation of a pledge after promoter group companies defaulted in credit facility provided by the bank. This will make the bank the biggest shareholder in Fortis. The Supreme Court had allowed financial institutions holding pledged shares of Fortis Healthcare to sell them amid the company’s mounting troubles. The bank’s stake in Fortis would be close to Rs 1368 crore.

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