•  •  Dark Mode

Your Interests & Preferences

I am a...

law firm lawyer
in-house company lawyer
litigation lawyer
law student
aspiring student

Website Look & Feel

 •  •  Dark Mode
Blog Layout

Save preferences

CAM, AZB on Fortis demerger into Manipal

“Fortis Healthcare announced the sale of its hospital assets to Manipal Health Enterprises and buyout firm TPG Capital. The Fortis Healthcare board has also approved the sale of its 20% stake in SRL Diagnostics to Manipal Hospitals. The resultant entity, Manipal Hospitals, will be a publicly traded company listed on NSE and BSE, Fortis Healthcare said in a statement. Fortis Healthcare will become an investment holding company with a 36.6% stake in SRL Diagnostics,” reported Mint.

“As part of the proposed transaction, Manipal promoter Dr Ranjan Pai and TPG Capital will invest Rs3,900 crore into Manipal Hospitals,” the Mint report added.

Cyril Amarchand Mangaldas Mumbai-based managing partner Cyril Shroff, Bangalore-based partner Nivedita Rao, and Mumbai-based partner Ruetveij Pandya, acted for Fortis Healthcare. Delhi corporate partner Rohil Vashisht advised on representations, warranties and the disclosure letter, while Delhi-based corporate partner Gyanendra Kumar and Mumbai-based corporate partner Pranay Chandran advised on withdrawal of the SRL demerger scheme and the composite scheme. The team also included principal associate Aditya Prasad and associates Rajlakshmi Natarajan, Sakshi Tandon and Abhinav Chandra. Competition law advice was led by Mumbai-based competition law partner Anshuman Sakle, and advice in relation to inter-se rights and obligations of Manipal and TPG was led by Bangalore-based corporate partners Reeba Chacko and Anand Jayachandran.

AZB & Partners partners Ashwin Ramanathan and Harsh Maggon and senior associates Molla Hasan and Pooja Singhania and associate Aashna Kothari acted for Manipal Health Enterprises and TPG Capital.

TPG Capital and Manipal Hospitals also drafted in Cleary Gottlieb on non-Indian laws.

Update: AZB and CAM deal teams updated.

Click to show 15 comments
at your own risk
By reading the comments you agree that they are the (often anonymous) personal views and opinions of readers, which may be biased and unreliable, and for which Legally India therefore has no liability. If you believe a comment is inappropriate, please click 'Report to LI' below the comment and we will review it as soon as practicable.