Fortis appoints Arpwood Capital to advise on sale bids

Fortis Healthcare today said it has appointed Arpwood Capital Private Ltd to advise the board on various sale bids.

The firm will act as financial advisor to the board to provide its independent opinion on the offers received or to be received from bidders for a potential significant equity investment and/or acquisition or restructuring of its assets, and on the appropriateness of the process put into place for dealing with the said offers, the healthcare major said in a regulatory filing.

Arpwood Capital Pvt Ltd is an investment banking firm engaged in providing merger, acquisition and capital raising advisory services.

Fortis Healthcare board is scheduled to meet on May 10 to take a decision on the binding bids for the company as recommended by the expert advisory committee (EAC).

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.

The fifth bidder, Fosun Health Holdings, an arm of Fosun International, which made a non-binding proposal to invest a total of USD 350 million (over Rs 2,295 crore) at a price up to Rs 156 per share, has so far not revised its offer.