KUALA LUMPUR: IHH Healthcare Bhd has approved Agilus Diagnostics Ltd, a diagnostics company based in India, to initiate an initial public offering (IPO) process via an offer for sale of equity shares by certain existing and eligible shareholders of Agilus Diagnostics in the IPO, following applicable laws.

It said the actual timing and implementation of the IPO will be subject to the determination of the respective boards of Fortis Healthcare Ltd and Agilus Diagnostics after considering the prevailing market conditions and other relevant factors at such price determined under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Agilus Diagnostics is a unit of Fortis Healthcare, an indirect 31.17 per cent-owned subsidiary of IHH Healthcare.

"The IPO shall also be subject to the approval of the members of Fortis Healthcare, and other regulatory approvals, as required under applicable law,” it said in a filing with Bursa Malaysia today.

IHH Healthcare will make further announcements as and when there are material developments on the matter, the group said. - Bernama