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Binding bids: Fortis Healthcare board to meet again on April 27

The board met for five hours today but was handicapped by the resignation of Renuka Ramnath from the expert panel

Fortis Hospital, Fortis

Fortis Hospital

Press Trust of India New Delhi
A meeting of Fortis Healthcare board on Thursday remained inconclusive on the binding bids by the likes of Malaysian firm IHH Healthcare, Manipal/TPG consortium, Munjal and Burman family offices and KKR-backed Radiant Life Care, and will again be held tomorrow.
The board met for five hours today but was handicapped by the resignation of Renuka Ramnath from the expert panel formed to evaluate the binding bids and make final recommendations to the board, Fortis Healthcare said in regulatory filing.
Ramnath, former MD and CEO of ICICI Venture, resigned from the expert committee on April 25, it added.
"Owing to the resignation caused by Renuka Ramnath, one of the esteemed members of the expert advisory committee constituted by the Board of Directors of Fortis Healthcare, the binding bids for the proposed transaction of fund raising and/or re-structuring the company, could not be deliberated upon, at its meeting held yesterday (April 25)," FHL said.
Accordingly, the board at its meeting held today, decided to adjourn the meeting to be re-convened to April 27, 2018, it added.
The company's board also extended invitation to Suvalaxmi Chakraborty, Ravi Rajagopal and Indrajit Banerjee to join immediately as additional independent directors and accordingly attend the meeting, subject to their acceptance towards the same, Fortis Healthcare said.
Their names have been recommended by National Westminster Bank Plc as Trustee of Jupiter India Fund, East Bridge Capital Master Fund Ltd and East Bridge Capital Master Fund I Ltd, which have an aggregate of 12.04 per cent of the paid up capital of the company.
"It was also decided that in the meeting scheduled for tomorrow and in light of the above new appointments, the board shall discuss further board restructuring," FHL said.
Already, four entities -- KKR-backed Radiant Life Care, Malaysian major IHH Healthcare, Manipal/TPG consortium and Munjal and Burman family offices -- have given binding offers to the board of FHL.
While Manipal Health Enterprises again revised its offer for Fortis Healthcare on April 25, raising the value of the hospitals business to Rs 6,322 crore.
KKR-backed Radiant Life Care has also made a revised bid for Fortis Healthcare Ltd (FHL) with a binding offer to acquire its Mulund hospital for an enterprise value of Rs 1,200 crore.
Malaysian major IHH Healthcare has also revised its proposal and made a binding offer to immediately infuse Rs 650 crore in the Indian firm as part of an overall proposal to invest Rs 4,000 crore.
Besides, FHL has received a binding offer from Hero Enterprise Investment Office and Burman Family Office. Group entities of Hero Enterprise Investment Office led by Sunil Kant Munjal and the Burman family of the Dabur Group currently hold around 3 per cent stake in the healthcare chain.
FHL had also received an unsolicited non-binding expression of interest from Fosun Health Holdings, an arm of Fosun International, with a proposal of primary infusion at a price up to Rs 156 per share up to a total investment of USD 350 million (over Rs 2,295 crore).
Stock of Fortis Healthcare Ltd today closed at Rs 150 per scrip on BSE, down 1.74 per cent from its previous close.

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First Published: Apr 26 2018 | 8:46 PM IST

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