Fortis board approves evaluation of binding offers, forms expert panel

The committee, which will be chaired by PwC India's former chairman and CEO Deepak Kapoor, will oversee the evaluation process and give its recommendation to the board in a meeting on Apr 26

Fortis Healthcare today said its board has approved evaluation of binding offers from suitors and formed an expert committee to assess the same.

The advisory committee will be chaired by Deepak Kapoor, former chairman and CEO of PwC India, the company said in a statement after its board meeting today.

The company had received binding offers from Manipal/TPG consortium and Munjal and Burman family offices. It had also received non-binding expression of interests from IHH Healthcare Berhad and Fosun Health Holdings Ltd.

"In exercise of its fiduciary duties, the board has decided to evaluate the binding offers and has appointed an advisory committee and also directed Standard Chartered Bank (SCB) to assist the committee," the statement added.

In order to evaluate the binding offers, the advisory committee will, after due evaluation and post taking into account the independent view of Standard Chartered Bank, make a final recommendation to the board by April 26, 2018, it added.

On the basis of the decision by the board, the final proposal will be put forward to the shareholders for their approval, it added.