IHH Healthcare which announced in August last year on the proposed plans to list its 31.17% owned Fortis Healthcare Ltd subsidiary Agilus Diagnostics has now stated that after discussing with the board of all parties have decided to withdraw the prospectus.
In a Bursa filing today, IHH referred to the announcements dated 7 August 2023 and 2 October 2023 in respect of the Initiation of the proposed IPO by way of Offer for Sale by Agilus. In the filing it said the Board of Directors decided after due to commercial considerations and in consultation and mutual agreement with the Private Equity investors considered and granted approval to Agilus to withdraw the Draft Red Herring Prospectus dated 29 September 2023 earlier filed by Agilus with Securities and Exchange Board of India and the stock exchanges for a proposed IPO process, by way of an offer of sale.
The subsidiary will also be making the necessary application to SEBI for withdrawal of the said DRHP immediately and may re-file with Securities and Exchange Board of India again for a proposed IPO in future, subject to applicable laws.
