Fortis Healthcare receives non-binding offer from Fosun Health Holdings

Fortis Healthcare today said it has received an unsolicited non-binding offer from Fosun Health Holdings with a proposal of primary infusion at a price up to Rs 156 per share, up to a total investment of USD 350 million subject to due diligence to be completed within three weeks.

Fosun is the latest to join Malaysian healthcare firms IHH, Manipal and a joint offer by Burmans and Munjals to bid for Fortis Healthcare.

In a late night filing to BSE, Fortis Healthcare said it "has received an unsolicited non-binding expression of interest from Fosun Health Holdings Ltd, a wholly owned subsidiary of Fosun International Ltd...,with a proposal of primary infusion at a price up to Rs 156 per share, subject to due diligence to be completed within three weeks".

This expression of interest is for up to a total investment of USD 350 million (including a preliminary investment of up to Rs 100 crore and further subject to certain conditions, it said.

In another filing Fortis said it has availed a secured financing facility up to Rs 160 crore from RattanIndia Finance Private Ltd on March 29 for a tenor of three years for meeting its working Capital requirements and General Corporate Purposes.