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Fortis Healthcare stock closes 6.85% higher after IHH Healthcare submits fresh binding offer

IHH today issued a letter to board of Fortis setting out a binding offer, which supersedes and replaced enhanced revised proposal.

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Fortis Healthcare stock closes 6.85% higher after IHH Healthcare submits fresh binding offer

The Fortis Healthcare stock rose higher in trade today after IHH Healthcare made a fresh binding offer to the board of the healthcare firm. The stock which rose up to 9.85% to intra day high of 146 closed 6.85% higher at 142 level on the BSE.

The stock has lost 13.08% during the last one year and fallen 11.48% since the beginning of this year.

IHH today issued a letter to board of Fortis setting out a binding offer, which supersedes and replaced enhanced revised proposal.

The binding offer is valid till July 16, 2018, IHH Healthcare Berhad said in a regulatory filing.

"In the event IHH does not receive any response from Fortis by no later than 5 pm IST on July 16 2018, the binding offer shall be deemed to have been withdrawn," IHH Healthcare Berhad said.

The company, however, did not provide any details about the size of the bid.

Cash-strapped Fortis Healthcare had set July 3 as the deadline for the submission of the fresh binding bids. The company had earlier scrapped its decision to opt for the offer by the Munjal-Burman combine to invest Rs 1,800 crore in the company.

Earlier, Fortis Healthcare had received binding bids from four suitors-Munjal-Burman combine, TPG-Manipal consortium, Malaysia's IHH Healthcare Berhad and KKR-backed Radiant Life Care.

China's Fosun Healthcare had not made a binding bid for the company.

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