Bids for Fortis get more interesting

On the last day for submitting the bids for Fortis Healthcare, Munjal-Burman and IHH Healthcare Berhad improve their offers for the hospital, on Tuesday.

The business families of Munjal's of Hero Group and Burman's of FMCG Dabur improved their binding offer, reiterating that the proposal will be implemented without due diligence of Fortis Healthcare. Munjal-Burman have now offered a direct investment of Rs. 1,800 crore, of which Rs. 800 crore will be through preferential issue of equity shares @ approx. Rs. 167 per share and Rs. 1,000 crore will through preferential issue of warrants @ approx. Rs. 176 per share.

This revised offer was in response to IHH's Enhanced Revised Proposal offering a direct investment into Fortis @ Rs. 175 per share. On the other hand, another bidder Radiant Hospital, backed by private equity firm KKR said that it won't revise its bid before due diligence.

Meanwhile, the board of Fortis will meet on May 10 to consider and evaluate all bids received for fund infusion.

On Wednesday, at 10:49 hours, the stock of Fortis Healthcare was quoting Rs. 159.25 per share, up by 4.63 per share.