Deal done, Fortis board asks Singh brothers to exit SRL Diagnostics board

The recommendations of the board will now be placed before the shareholders for their approval

The takeover saga at Fortis Healthcare, one of India’s leading healthcare chains, culminated on Thursday, with the board choosing the Hero Enterprises-Burman Family Office offer to be the best for the hospital and diagnostic chain.

Brian Tempest, an independent director at Fortis Healthcare, said that liquidity and certainty were the reasons for choosing the Hero Enterprises-Burman Family bid. Five members of the board had voted in favour of the winning bid, whereas three voted for other parties.

The Fortis board has also asked the Singh brothers to step down from the board of SRL diagnostics. 

Sunil Munjal, chairman of Hero