Fortis gets improved offer from Munjals, Burmans to invest Rs 1,800 cr

Hero Enterprise Investment Office and the Burman Family Office on Tuesday hiked their joint proposal to invest Rs 1,800 crore directly in Fortis Healthcare (FHL).

Hero Enterprise Investment Office and Burman Family Office, in an improved offer letter, have proposed to invest Rs 800 crore by allotment of equity shares through preferential issue at Rs 167 per share or as per Sebi ICDR guidelines, which is higher, Fortis Healthcare said in a BSE filing.

Further, the Munjals and Burmans 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, which is higher, it added.

The deadline set by Fortis' board to review all binding offers received ended at 12 noon on Tuesday.

Earlier in the day, Malaysia's IHH Healthcare also sweetened its offer to invest directly into the company at Rs 175 per share.

Fortis Healthcare has already received binding offers from four entities - KKR-backed Radiant Life Care, IHH Healthcare, Manipal/TPG consortium, and Munjal and Burman family offices.

Last week, Fortis Healthcare (FHL) said its board will meet on May 10 to take a decision on the binding bids for the company as recommended by the expert advisory committee (EAC).

The committee will evaluate all binding bids received by the company from any party, except Manipal-TPG consortium, till 12 noon on May 1.