Fortis chose Munjal-Burman for funds certainty

Fortis chose Munjal-Burman for funds certainty

Fortis chose Munjal-Burman for funds certainty

India's Fortis Healthcare has accepted an offer of investment from two prominent business families, picking an underdog in a five-way battle for a piece of the promising yet cash-strapped hospital operator. "We looked at all of them from the point of view also of liquidity for the company", Fortis director Brian Tempest said at a news conference on Friday. Since then, more players entered into the fray with counter offers and as a result the consortium of Manipal Health Enterprise-TPG Capital too revised their proposals thrice with the equity valuations being Rs 5,003 crore, Rs 6,061 crore, Rs 6,332 crore and Rs 8,358 crore.

The Burman Family Office and Hero Enterprise Investment Office had tabled a binding offer to invest Rs800 crore through a preferential share issue at Rs167 each and Rs1,000 crore via preferential issue of warrants at Rs176 per warrant. Burman Family Office is the private investment arm of the family that controls consumer goods company Dabur India.

"The Board, by a majority, chose to recommend the Hero-Burman family offer to shareholders looking at the binding bids for the point of certainty of liquidity flowing into the company", Fortis Director Brian Tempest told reporters.

Cardi B Reveals The Truth Behind Nicki Minaj Met Gala Conversation
The "Drip" rapper said Offset has picked a name for their unborn child, but declined to share further details. It appears to be the short one, nearest to his neck, that he wore when he went to Monday night's Met Gala .

With the deal went into the lap of Munjal-Burmans, month-and-a-half-long bidding war comes to an end.

New Delhi, May 11 After losing out to Munjal-Burman combine in the race for Fortis, Malyasia's IHH Healthcare today said it is looking to speak to the shareholders of the Indian firm even as it evaluates options for its future course of action.

JP Morgan has an overweight rating on the stock with a target price of Rs 225 by September 2018.

Lloris echoes Wenger with top-four trophy claim
"To be in the Champions League three times in a row means a lot for our Club, for our team, for our manager, for our fans". We've worked so hard to be at this level again.

Binding offers were been made by IHH Healthcare Berhad, Manipal /TPG consortium, Radiant Life Care Private Limited and Hero Enterprise Investment Office and Burman Family Office.

IHH, which had offered 175 rupees a share for a 40 billion rupee investment, said it was disappointed with the decision.

Fortis Healthcare is the second-largest hospital chain in the country now encompassing both the hospitals and the diagnostics businesses.

Google Duplex will disclose it's a bot, doesn't know how yet
With native integration, the user will just have to say the command,"Hey Google, preheat the oven to 350 degrees". Google Assistant has a new bag of tricks up its sleeve that Siri may not be able to match.

Currently, the company has 45 healthcare facilities (including projects under development), around 10,000 potential beds and 314 diagnostic centres in India, Dubai, Mauritius and Sri Lanka.

Latest News