Hotline: 1800 102 2007
Hotline: 1800 102 2007
Apr, 26 2018

Renuka Ramnath exits Fortis advising committee on M&A Deals

An advisory panel set up by the Fortis board was scheduled to meet on Wednesday to evaluate multiple bids.

Renuka Ramnath exits Fortis advising committee on M&A Deals

Renuka Ramnath, founder of private equity firm Multiples Alternate Asset Management, has resigned from the advisory committee constituted for the evaluation binding bids for its sale by the board of Fortis Healthcare Ltd.

An advisory panel set up by the Fortis board was scheduled to meet on Wednesday to evaluate multiple bids. It is set to submit its recommendations to the board on Thursday.

Fortis informed the stock exchanges late on Wednesday that Ramnath “excused herself from being the member of the committee due to her pre-occupation.”

However, a Mint report, citing regulatory filings, said one of the bidders Sunil Kant Munjal  is an investor in Multiples’ second fund. This posed a potential conflict of interest.

Interestingly, Fortis announced the names of the committee members including Ramnath to evaluate the bids on April 19. This was one week after Munjal had joined hands with Burmans of Dabur to make a surprise bid for Fortis.

The other two members of the panel are Deepak Kapoor, former chairman and CEO of Price Waterhouse Coopers, India and Lalit Bhasin, President, Society of Indian Law Firms & Managing Partner, Bhasin & Co.

The company said that Ramnath’s resignation will be placed before the board on Thursday.

Ramnath’s Multiples is in the process of raising money for its third fund that would double the size of its assets under management to around $2 billion.

sharebtn
Comment
user
email
mobile
address
star
Related opportunities
  • Grocery Stores
    Veg Mart is truly an one stop shop for all..
    Locations looking for expansion Haryana
    Establishment year 2018
    Franchising Launch Date 2020
    Investment size Rs. 5lac - 10lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Faridabad Haryana
  • Others Health Care & Fitness
    Hijama House was established in 2009 with a purpose to..
    Locations looking for expansion Haryana
    Establishment year 2009
    Franchising Launch Date 2020
    Investment size Rs. 10lac - 20lac
    Space required 200
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Faridabad Haryana
  • Tea And Coffee Chain
    Welcome to the grand TEAvolution, Tea House is remarkably known..
    Locations looking for expansion Andhra pradesh
    Establishment year 2016
    Franchising Launch Date 2017
    Investment size Rs. 2lac - 5lac
    Space required 100
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Rajahmundry Andhra pradesh
  • Resellers
    HardwareDepo in partnership with cwt-international have bought Made in Germany..
    Locations looking for expansion Karnataka
    Establishment year 2018
    Franchising Launch Date 2018
    Investment size
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type -NA-
    Headquater bangalore Karnataka
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities