INSUBCONTINENT EXCLUSIVE:
investment offer worth Rs 1,800 crore from the Hero Enterprise-Burman Family Office consortium
The cash-strapped hospital was a target of a fiercely contested bidding war
Hero Enterprise is an investment company formed by Sunil Munjal, a member of the family that runs India's largest motorcycle maker Hero
The Burman Family Office is the private investment arm of the family that owns consumer goods company Dabur India.Hero Enterprise Investment
Office and the Burman Family Office had made a binding offer to invest Rs 800 crore through a preferential share issue at Rs 167 apiece and
Rs 1,000 crore via preferential issue of warrants at Rs 176 per warrant
The recommendation by Fortis' board would be sent to shareholders for approval, Fortis said.Fortis Healthcare Ltd (FHL), which runs about 30
hospitals in India, had become a target of a heated takeover battle, with five entities bidding for the embattled company
Fortis has set up an advisory committee to evaluate offers from suitors vying to acquire the company, or take a stake in it
May 1 was the deadline submitting binding offers.Fortis had been a target of five firms and investment group as they bet on a rapid growth
for the private healthcare market in Asia's third-largest economy - Malaysia's IHH Healthcare; businessmen Sunil Munjal and Anand Burman;
Radiant Life Care, China's Fosun International and privately-held Manipal Hospitals.Fortis is embroiled in a regulatory investigation
The Serious Fraud Investigation Office (SFIO) is investigating allegations that Fortis founders Malvinder Singh and Shivinder Singh took
The duo, who have since left the company, deny any wrongdoing
In March, Fortis said it was looking into the allegations and that it expected the SFIO investigation to end in less than a year.Private
hospitals could also be boosted from Prime Minister Narendra Modi's plans to implement a healthcare programme aimed at providing insurance
cover to about half of India's population.(With Agency Inputs)
