Manipal sweetens offer for Fortis hospitals, proposes Rs 40-bn rights issue

Private equity firm TPG backed-Manipal Hospitals has revised the terms of offer for acquiring the hospital business of Fortis Healthcare, after protests from minority investors threatened to derail the original transaction.

The revised offer, which includes a proposal for a Rs 40-billion rights issue and an upward revision in the valuation of Fortis Healthcare, was submitted on Tuesday evening. Fortis Healthcare notified the stock exchange that it had received an unsolicited binding offer, which was under consideration. The revised offer is valid for a week.

The merger of Manipal Hospitals with the hospital business of Fortis Healthcare came under a