Millennium Post

Manipal Health further sweetens offer for Fortis

New Delhi: Manipal Health Enterprises on Sunday revised yet again its offer for Fortis Healthcare Ltd (FHL), raising the value to Rs 8,358 crore.
"For the purposes of the merger, we propose a value of Rs 8,358 crore to be attributed to FHL and a value of Rs 6,070 crore to be attributed to MHEPL," the revised offer said, as per the FHL filing on BSE. It translates into Rs 160 per equity share.
MHEPL also offered to subscribe to equity shares of FHL by way of preferential allotment for Rs 2,100 crore at a price per equity share of Rs 160.
The move is aimed at helping FHL deal with short term liquidity concerns, repayment of existing loans and payment for the acquisition of the relevant Indian entities from Religare Health Trust (RHT), MHEPL said in its revised offer to FHL board.
Manipal Health Enterprises Pvt Ltd (MHEPL) has offered to merge it with FHL to create one of the leading healthcare platforms in India, the filing said.
On April 24, MHEPL had revised its offer for Fortis Healthcare again, raising the value to Rs 6,322 crore. The earlier revised offer of April 10 valued Fortis hospital business at Rs 6,061 crore.
As per Sunday's offer, MHEPL said that post the acquisition of the SRL stake from PE investors, the SRL board would be restructured so as to ensure that no member of the promoter group of FHL is part of it.
The company recognises the significance of the acquisition of assets from RHT and the preferential allotment will help FHL to partly fund the acquisition of assets from RHT, it added.
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