Millennium Post

IHH Healthcare, Munjals and Burmans raise Fortis offers

New Delhi: IHH Healthcare Berhad and Munjals-Burmans (combine) on Tuesday revised upwards their offers for Fortis ahead of the deadline set by the board of the healthcare chain for submission of binding bids.
While IHH Healthcare Berhad increased its offer to directly invest in Fortis Healthcare at Rs 175 per share, the Munjals and Burmans also said they would increase their investment to Rs 1,800 crore, without any due diligence, from a previously revised offer of Rs 1,500 crore.
In another regulatory filing, Fortis Healthcare said Hero Enterprise Investment Office and the Burman Family Office have also hiked their joint proposal to invest Rs 1,800 crore directly in the company.
Under their revised offer, the Munjals and Burmans proposed to invest Rs 800 crore through a preferential allotment of equity shares at Rs 167 per share.
Further, they offered to invest another Rs 1,000 crore via preferential issue of warrants priced at Rs 176 per share or as per Sebi ICDR guidelines, whichever is higher.
Last week, Fortis Healthcare had said its board would meet on May 10 to take a decision on the binding bids for the company as recommended by the expert advisory committee.
The committee will evaluate all binding bids received by the company from any party except the Manipal and TPG consortium till 12 noon on May 1. pti
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