Hotline: 1800 102 2007
X
Search Business Opportunities
May, 01 2018

Munjal-Burmans sweeten deal for Fortis with Rs 1,800 Cr revised value

The offer comes following the Malaysian healthcare group IHH which has also extended its bid value for Fortis as competition for the hospital and diagnostics group continues to intensify.

Sunil Kant Munjal of Hero Enterprises and the Burman family of the Dabur group have extended bid for Fortis Healthcare on the last day to submit bids that will be subject to two-member expert advisory committee reviews for deal recommendations.

The offer comes following the Malaysian healthcare group IHH which has also extended its bid value for Fortis as competition for the hospital and diagnostics group continues to intensify.

Munjal and the Burmans, who are jointly bidding for Fortis have agreed to invest Rs1,800 crore directly into Fortis, up from Rs 1,500 crore earlier.

In a letter sent to Fortis on Tuesday, the joint bidders have offered to infuse Rs 800 crore through preferential issue of equity shares at Rs 167 per share or as per SEBI ICDR guidelines, whichever is higher. They have also proposed an additional Rs 1,000 crore through preferential issue of warrants at Rs 176 per share or SEBI ICDR guidelines, whichever is higher.

Including the warrant subscription amount, their upfront investment would be Rs 1,050 crore, the joint bidders told Fortis. Their offer is valid until May 15.

The joint bidders have been competing with IHH Healthcare Bhd, Radiant Life Care, and KKR as well as a consortium of Manipal Health Enterprises and TPG.

IHH also submitted a proposal on Tuesday for an "immediate equity infusion" at a share price of Rs 175 per share and a subsequent equity infusion at a per share price not exceeding this, Fortis told the Bombay Stock Exchange on Tuesday.

The Fortis board is expected look over an expert advisory committee's recommendations for a deal on May 10.

Now that revised bids for the company have come in, Manipal-TPG, which already entered into a binding agreement with Fortis for a proposed de-merger, has until May 6 to submit its revised offer.

Comment
Related opportunities
  • About Us: English Pillars Edu Comp is a registered ISO certified..
    Locations looking for expansion Punjab
    Establishment year 2002
    Franchising Launch Date 2017
    Investment size Rs. 10lac - 20lac
    Space required 500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Amritsar Punjab
  • Quick Service Restaurants
    About Us: Doner & Gyros is a casual fast food restaurant..
    Locations looking for expansion Delhi
    Establishment year 2012
    Franchising Launch Date 2018
    Investment size Rs. 30lac - 50lac
    Space required 500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • Ice creams & Yogurt Parlors
    About : Ice Cream factory is an innovative live ice cream..
    Locations looking for expansion Maharashtra
    Establishment year 2012
    Franchising Launch Date 2017
    Investment size Rs. 10lac - 20lac
    Space required 225
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Mumbai Maharashtra
  • Quick Service Restaurants
    About: Upper Crust Foods Pvt. Ltd. is a 5-year-old company which..
    Locations looking for expansion Delhi
    Establishment year 2011
    Franchising Launch Date 2017
    Investment size Rs. 50lac - 1 Cr.
    Space required 400
    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