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Fortis gets improved ₹1,800 crore offer from Munjals, Burmans
Fortis Healthcare has already received binding offers from four entities - KKR-backed Radiant Life Care, IHH Healthcare, Manipal/TPG consortium, and Munjal and Burman family offices.
Hero Enterprise Investment Office and the Burman Family Office on Tuesday hiked their joint proposal to invest ₹1,800 crore directly in Fortis Healthcare (FHL)
The two groups, in an improved offer letter, have proposed to invest ₹800 crore by allotment of equity shares through preferential issue at ₹167 per share or as per Sebi ICDR guidelines, which is higher, Fortis Healthcare said in a BSE filing.
Further, the Munjals and Burmans offered to invest another ₹1,000 crore via a preferential issue of warrants priced at ₹176 per share or as per Sebi ICDR guidelines, which is higher, it added.
The deadline set by Fortis board to review all binding offers received ended at 12 noon on Tuesday.
Earlier in the day, Malaysia’s IHH Healthcare also sweetened its offer to invest directly into the company at ₹175 per share.
Fortis Healthcare has already received binding offers from four entities - KKR-backed Radiant Life Care, IHH Healthcare, Manipal/TPG consortium, and Munjal and Burman family offices.
Last week, Fortis Healthcare (FHL) said its board will meet on May 10 to take a decision on the binding bids for the company as recommended by the expert advisory committee (EAC).
The committee will evaluate all binding bids received by the company from any party, except Manipal-TPG consortium, till 12 noon on May 1.
