INSUBCONTINENT EXCLUSIVE:
Mumbai: Fortis Healthcare on Saturday said that its Board will meet on May 10 to consider the recommendations made by its "expert advisory
committee" (EAC) which has been set-up to evaluate all binding proposals for fund infusion.As per a regulatory filing, the company informed
the stock exchanges that its EAC will now consist of two members "who have already been appointed to the EAC viz
evaluating all binding bids (whether the current orimprovised or modified or new) received by the company till 12:00 noon, IST on May 1,
2018," the filing said."In line with the obligations towards Manipal and TPG consortium, if any new ormodified binding bids are received
anytime till 12.00 noon on May 1, 2018;Manipal and TPG consortium have the ability to revise their offer till May 6, 2018."The regulatory
filing further said that the company's Board has "instructed the management to appoint a second independent financial advisor to assist and
advise the board with respect to the bids".The company's Board has received offers from suitors such as Hero Enterprise Investment Office
and the Burman Family Office, Fosun Health Holdings, IHH Healthcare Berhad, Manipal Hospital Enterprises and Radiant Life Care for infusion
Indrajit Banerjee as Additional Directors (Independent Category) with immediate effect.The recommendation was made by a group of
shareholders including National Westminster Bank Plc as Trustee of Jupiter India Fund, East Bridge Capital Master Fund Ltd
and East Bridge Capital Master Fund I Ltd.In addition, the healthcare major disclosed its plans to hold on May 22 an Extra-ordinary General
Meeting (EGM) of its shareholders to approve a proposal by a minority shareholder's group to induct and remove certain Board members.(Except
for the headline, this story has not been edited by staff and is published from a syndicated feed.)
