Saraf & S&R Advise on IHH Healthcare’s USD 490m Fortis Open Offer

The open offer was concluded in November 2025 after receiving approval from the Securities and Exchange Board of India (SEBI) in October.

Saraf & Partners and S&R Associates have advised on IHH Healthcare’s open offer to acquire a 26.1% stake in Fortis Healthcare through a subsidiary, valuing the transaction at INR 44.09 billion (approximately USD 490 million).

The open offer was concluded in November 2025 after receiving approval from the Securities and Exchange Board of India (SEBI) in October.

Saraf & Partners acted for Fortis Healthcare and its wholly owned subsidiaries Northern TK Venture and Parkway Pantai in connection with the open offer. The firm also advised Fortis Healthcare subsidiary Fortis Malar Hospitals as part of the transaction.

The Saraf & Partners transaction team was led by senior partner Vaibhav Kakkar, with partners Sahil Arora and Debarpan Ghosh. The team included senior associates Paayas Pandit and Anuj Garg, along with associates Sonia Mangtani and Umang Agarwal. Senior partner Sanjeev Kumar Sharma led the disputes team, which provided transaction-related support.

S&R Associates represented IHH Healthcare and its subsidiaries on the deal. The transaction team was led by partners Sandip Bhagat, Rajat Sethi and Raya Hazarika. Senior associates Stuti Dhundia and Srikari Kancherla, along with associates Vishvesh Vikram and Rishabh Uppal, supported the transaction. Partners Niti Dixit and Savani Gupte led the disputes team, which also assisted on the matter.

Following the completion of the open offer, IHH Healthcare’s stake in Fortis Healthcare has increased to approximately 57%. IHH Healthcare operates a network of around 80 hospitals across 10 countries.

Fortis Healthcare operates 33 hospitals across 11 Indian states, offering tertiary and quaternary care services through its hospital network.

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