NTK had initially sought, among other reliefs, that Daiichi Sankyo be ordered to pay JPY 20 billion (around Rs 1200 crore) as damages, together with interest at the rate of 3% per annum.On Thursday, the Board of IHH announced that its indirect subsidiary Northern TK Venture (NTK) based in Singapore had submitted an additional claim before the Tokyo District Court in Japan with an expert report which includes an analysis and quantification of the damages suffered by NTK based on three counterfactual scenarios had the open offers proceeded.
NTK’s appointed Osborne Partners to quantify damages.
“Based on the OP Report, the amount of compensation being sought by NTK against Daiichi Sankyo ranges from Rs 424 crore at its lowest to Rs 10,930 crore billion at its highest, depending on what relevant parameters are applied,” IHH said in a statement.
IHH said NTK reserves its rights to amend its claim for damages, including to add other heads of loss and/or to claim the costs of the legal fees it is seeking from Daiichi Sankyo.
The dispute began in 2018, when NTK tried to acquire a larger stake in Fortis through an open offer. However, the offer was blocked after Daiichi filed a contempt plea against the Fortis founders, leading to the halt of the acquisition.
IHH Healthcare had acquired 31.17 per cent stake in Fortis by infusing fresh capital of Rs 4,000 crore in November 2018. IHH’s open offer to acquire 26.1% share at price of ?170 per share to acquire a majority stake in Fortis Healthcare. Shares of Fortis Healthcare have more than tripled in the last six years, currently trading at levels around Rs 651.05 on Thursday.
