 "Fortis Healthcare falls 4% as board opts for Munjal-Burman offer")
Fortis Healthcare was trading 4% lower at Rs 146 on the BSE, after the company said the board chooses the Hero Enterprises-Burman Family Office offer as the best for the hospital and diagnostic chain.
“The Board, post having detailed discussions on the pros and cons of each offer, decided by majority, to recommend the offer of Hero Enterprise Investment Office-Burman Family Office (the last offer made on May 1, 2018)," Fortis Healthcare said in a statement to the BSE on Wednesday. CLICK HERE TO READ FULL REPORT
Hero Enterprise Investment Office and the Burman Family Office had made a binding offer to invest Rs 8 billion through a preferential share issue at Rs 167 per share and Rs 10 billion via preferential issue of warrants (of which Rs 2.50 billion will be upfront being an amount equivalent to 25% of the consideration of warrants) at Rs 176 per share, the company said.
The recommendation of the board will now be placed before the shareholders for their approval.
Fortis Healthcare had outperformed the market by surging 24% from its recent low of Rs 123 on March 28, 2018, against 7% rise in the S&P BSE Sensex till Thursday. Thus far in the calendar year 2018, the stock was down 5% against 3.5% rise in the benchmark index till yesterday.
“The Board, post having detailed discussions on the pros and cons of each offer, decided by majority, to recommend the offer of Hero Enterprise Investment Office-Burman Family Office (the last offer made on May 1, 2018)," Fortis Healthcare said in a statement to the BSE on Wednesday. CLICK HERE TO READ FULL REPORT
Hero Enterprise Investment Office and the Burman Family Office had made a binding offer to invest Rs 8 billion through a preferential share issue at Rs 167 per share and Rs 10 billion via preferential issue of warrants (of which Rs 2.50 billion will be upfront being an amount equivalent to 25% of the consideration of warrants) at Rs 176 per share, the company said.
The recommendation of the board will now be placed before the shareholders for their approval.
Fortis Healthcare had outperformed the market by surging 24% from its recent low of Rs 123 on March 28, 2018, against 7% rise in the S&P BSE Sensex till Thursday. Thus far in the calendar year 2018, the stock was down 5% against 3.5% rise in the benchmark index till yesterday.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%