Rs 40-bn rights issue addresses concerns of Fortis shareholders: Ranjan Pai

Now there is also a plan to launch a Rs 40-billion rights issue for all shareholders after the demerger, which will help existing Fortis shareholders to participate, he added

Manipal Hospitals has revised its offer for Fortis hospitals, sweetening some of the deal terms. Under attack from investors and faced with a possible counter bid, Manipal Hospitals released the revised deal terms, offering a higher valuation for Fortis hospitals and a chance for existing investors to participate in Rs 40-billion rights issue. Manipal Education and Medical Group Chairman Ranjan Pai tells Sohini Das and Aneesh Phadnis that the revised deal terms addresses all shareholder concerns. Edited excerpts.

Fortis shares were flat during the day’s trading on Wednesday. Do you think investors are happy?

I cannot really comment on why the stock