IHH, Radiant Life Care submit revised bids for Fortis Healthcare

Radiant Life Care submitted a binding offer to acquire Fortis hospital in Mumbai's Mulund area for enterprise valuation of Rs 12 billion

Revised offers for Fortis Hea­lt­­h­care have continued to pour in ahead of the hospital chain operator’s board meeting on Thursday.

Given the Fortis board will consider only binding bids, Malaysian hospital chain IHH Healthcare Ber­had and KKR-backed Radi­ant Life Care on Tuesday revised their offers for the beleaguered firm.

In its revised proposal, IHH submitted a binding offer to infuse Rs 6.5 billion, valuing Fortis at Rs 160 per share. IHH said that according to its assessment, Fortis would need an equity infusion of around Rs 40 billion for working capital and buying the asset portfolio of RHT Health Trust.