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Munjals, Burmans offer to invest Rs 1,250 cr in Fortis Healthcare

Press Trust of India  |  New Delhi 

Healthcare today said it has received an "unsolicited binding offer" from and to invest Rs 1,250 crore in the company through preferential route.

Group entities of led by and the Burman family of the Group currently hold around 3 per cent stake in the

In a regulatory filing, Healthcare Ltd (FHL) said the offer from Munjals and Burmans includes Rs 500 crore binding offer immediately and Rs 750 crore post diligence to be completed within three weeks.

"The said proposal is under evaluation by the company and we will keep the stock exchanges informed accordingly," it added.

Spelling out the details of their offer, the Munjals and Burmans in a joint letter said,"We are investing an amount of Rs 500 crore based on current business and financial position of the company without doing any due diligence..."

Further, the letter said,"and pricing shall be as per SEBI ICDR guidelines for preferential issues or Rs 156 per share which is higher."

Utilisation of proceeds from this funding shall only be for the purposes of payment of employee dues, repayment of loans which have matured and payment of pressing creditors and to monitor these a board seat shall be given to investors, it added.

The rest Rs 750 crore shall given after due diligence subject to the satisfaction of the investors which will be completed in three weeks, the letter added.

Their offer comes two days after raised its offer for Healthcare Ltd by valuing the hospital business higher at Rs 6,061 crore which would result in a "more favourable share exchange ratio for shareholders of FHL".

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 12 2018. 21:30 IST