IHH ups offer for Fortis to Rs 175/share; Munjal-Burman to invest Rs 18 bn

IHH proposes immediate equity infusion, with subsequent infusion subject to due diligence; Munjal-Burman don't insist on due diligence

The Hero Enterprise-Burman family combine and Malaysia's IHH Healthcare both sweetened their offers on the last day for revising bids for assets of Fortis Healthcare. 

IHH submitted a revised offer valuing Fortis at Rs 175 per share, up from its earlier offer of Rs 160 per share. Sunil Kant Munjal of Hero Enterprise together with Anand and Mohit Burman also submitted a revised binding investment proposal to invest Rs 18 billion directly into Fortis without due diligence.

IHH’s latest proposal includes an immediate equity infusion at Rs 175 per share and a subsequent equity infusion at a price not exceeding Rs 175