IHH Healthcare's (SGX:Q0F, KLSE:IHH) indirect subsidiary, Northern TK Venture (NTK), applied to the Tokyo District Court to revise the damages sought from Daiichi Sankyo (TYO:4568) over the botched Fortis Healthcare stake acquisition, according to a Tuesday filing with SGX.
NTK is now pursuing up to 109.3 billion Indian rupees, or almost 184 billion yen, in damages, citing losses from the aborted deal. The subsidiary alleges the Japanese drugmaker caused financial harm by obstructing its open offer to acquire a larger stake in the Indian hospital chain in 2018.
NTK first filed a claim in October 2023 to seek damages of 20 billion yen or 11.9 billion rupees from Daiichi for stopping its efforts to complete the open offer.
IHH acquired a 31% stake in Fortis through NTK. However, it suspended its open offer to purchase an additional 26% after Daiichi Sankyo filed a contempt plea against Fortis's founders.
In addition to the revised damages, NTK is also seeking 2.7 million rupees for losses linked to a defamation claim against Daiichi Sankyo, along with accrued interest on total damages claimed.
The next hearing of the case has been scheduled for July 11, the filing stated.
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