Page 7 - Fortis Healthcare

Fortis Healthcare appoints Ravi Rajagopal as chairman, shortlists 4 bidders

All the four selected entities had participated in previous investment process.

Ravi Rajagopal appointed Fortis chairman amid flurry of exits, bidding war

Earlier this week, cash-strapped Fortis Healthcare initiated a fresh time-bound bidding process for its sale after terminating the offer made by the Munjal-Burman combine

Fortis subsidiary fined Rs 5 bn over failure to treat 25% patients for free

Fortis Healthcare today said its subsidiary Escort Heart Institute & Research Centre has been directed to deposit Rs 503.36 crore to Director General of Health Services within a month on account of unwarranted profit. Fortis said Escort Heart Institute & Research Centre (EHIRCL) had received an order dated June 9, 2016, from Directorate General of Health Services (DGHS) for the recovery of Rs 503.36 crore on account of unwarranted profit allegedly made by it by not complying with the conditions of allotment letter/lease deed. "A writ petition was filed by EHIRCL before Hon'ble High Court of Delhi challenging the order...subsequently Delhi High Court set aside the demand of Rs 503.36 crore and the matter was remanded to the Special Committee for hearing," Fortis said in a regulatory filing. It further said "EHIRCL has informed that the Office of the Special Committee vide order dated May 28, 2018, has directed it to deposit an amount of Rs 503.36 crore in the account of the ...

Munjal-Burman group agrees to re-open bidding, Fortis board undecided

In a letter to the board of directors, Munjals-Burmans combine expressed "deep anguish and regret"

Manipal-TPG extends validity of new Fortis Healthcare offer to June 6

The combine was the first to make a binding offer for the cash-strapped healthcare chain

Munjal-Burman combine open to idea of rebid for Fortis Healthcare

The winning bidder has to pay over Rs 36 billion to the real estate trust based in Singapore, which controls many of the key hospital assets of Fortis

Fortis stumbles, again: Corporate governance concerns in board decision

There is no doubt that poor governance practice was followed by the Fortis board in its approach to this deal

Fortis stake sale: If things drag, no one will get anything, says Munjal

Draw up a three-pronged strategy for Fortis; have not decided yet on sale of SRL

Fortis battle may drag; TPG-Manipal, IHH await shareholder verdict

The Manipal-TPG combine and Malaysia's IHH Healthcare expressed their disappointment with the board's choice, and indicated they would wait for the shareholders' decision now

Hero-Burman's accepted bid for Fortis Healthcare a win-win

Fund infusion without any clauses at higher end of all bid valuations is key

Munjals-Burmans bid opted due to certainty, liquidity issues: Fortis

While five board members had voted in favour of the Rs 18 billion offer, three members had opted for other offers out of the four binding bids that Fortis Healthcare had received

Deal done, Fortis board asks Singh brothers to exit SRL Diagnostics board

The recommendations of the board will now be placed before the shareholders for their approval

Fortis Healthcare falls 4% as board opts for Munjal-Burman offer

The stock had outperformed the market by surging 24% from its recent low of Rs 123 on March 28, 2018, against 7% rise in the S&P BSE Sensex till Thursday

Manipal-TPG revises offer for Fortis, raises value to Rs 83.58 billion

Manipal's Ranjan Pai says the offer brings in value worth Rs 90 bn

Manipal TPG further sweetens offer for Fortis, raises value to Rs 83.58 bn

The takeover battle for Fortis was kicked off earlier this year when its founders lost control of their shareholding because of their mounting debts

Fortis deal: Investors to challenge if Manipal-led group is winning bidder

Fortis has said that its board plans to meet on May 10 to consider the recommendations of the advisory panel set up to evaluate the bids

Fortis Healthcare shares jump to 6-week high after IHH raises bid

India's fraud watchdog and market regulator have since started investigations to see if there were any financial irregularities at the company

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

Fortis to accept binding bids till May 1, take decision on May 10

If any new or modified binding bids are received till noon on May 1, Manipal and TPG consortium will be given until May 6 to revise their offer

What makes Fortis Healthcare a coveted acquisition target for its suitors

From IHH Healthcare to Burmans, Manipal and Fosun, there have seen several serious players in race to acquire Fortis Healthcare. Business Standard explains how they could gain from acquiring Fortis