Hotline: 1800 102 2007
X
Search Business Opportunities
Apr, 20 2018

KKR-backed Radiant Life Care Joins race to Invest In Fortis

Radiant will also fund and underwrite the acquisition of healthcare assets of Singapore-listed RHT Health Trust via right issues

The KKR backed hospital chain, Radiant Life Care Pvt. Ltd. has joined the takeover battle for Fortis Healthcare Ltd after submitting a non-binding offer.

Radiant plans to demerge Fortis’ hospital business and buy a 26% stake in the new entity, Fortis said in a stock-exchange filing. The demerger will exclude Fortis’ diagnostics unit SRL Ltd, it said.

Radiant’s offer values Fortis at Rs 165 per share, including Rs 39 per share for SRL. The offer to shareholders of the demerged company will be at a net value of Rs 126 per share. The per-share value of SRL is based on the assumption that the diagnostics chain is valued at Rs 3,600 crore, it said.

The offer is subject to Radiant being able to acquire 26% or more shares of the new entity via an open offer. If the offer fails, the new entity will make a preferential allotment at Rs 126 per share to enable Radiant to buy a 26% stake.

Radiant will also fund and underwrite the acquisition of healthcare assets of Singapore-listed RHT Health Trust via right issues, it added.

Radiant is the fifth suitor for India’s second-largest hospital chain. TPG-backed Manipal Health, Malaysia’s IHH Healthcare, China’s Fosun and a consortium of Hero Enterprise Investment Office and Burman Family Office are the other bidders.

The new offer comes after the board of Fortis on Thursday decided to set up a committee to evaluate only binding offers.

KKR had bought a 49% stake in Radiant for $200 million in 2017.

Radiant started operations with the redevelopment of BLK Super Speciality Hospital in New Delhi in 2010. BLK is now being expanded into a 1,600-bed quaternary care hospital.

Later, Radiant collaborated with the Nanavati Hospital Trust in 2014 to take over the operations of the 350-bed multi-specialty Nanavati hospital in Mumbai. The company plans to expand Nanavati into a 1,000-bed quaternary care institute over the next four years.

Comment
image
Related opportunities
  • After School Activities
    Started in 2009, SportyBeans is India’s most reputed non-competitive multi-sport..
    Locations looking for expansion Maharashtra
    Establishment year 2009
    Franchising Launch Date 2010
    Investment size Rs. 10lac - 20lac
    Space required 1200-1500 sq.ft
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Maharashtra
  • Casual dine Restaurants
    About:The first Kenny Rogers restaurant was opened in coral spring,..
    Locations looking for expansion New Delhi
    Establishment year 1991
    Franchising Launch Date 2017
    Investment size Rs. 2 Cr. - 5 Cr
    Space required 1200 - 2000 Sq.ft
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater South Delhi New Delhi
  • Pizzeria
    Start your own pizza joint by becoming a Go69 Franchisee:..
    Locations looking for expansion Uttar Pardesh
    Establishment year 2015
    Franchising Launch Date 2016
    Investment size Rs. 2lac - 5lac
    Space required 400
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Lucknow Uttar Pardesh
  • Juices / Smoothies / Dairy parlors
    About Us: Rasna – Mocktail Bar is a revolutionary venue that’s..
    Locations looking for expansion Delhi
    Establishment year 1976
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 150
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New Delhi Delhi
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities