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Fortis board to meet on May 10 to decide on binding bids

twitter-logo PTI        Last Updated: April 28, 2018  | 10:12 IST

New Delhi, Apr 28 (PTI) Fortis Healthcare today said its board will meet on May 10 to take a decision on the binding bids for the company as recommended by the expert advisory committee.

The committee will evaluate all binding bids received by the company till forenoon of May 1, it said in a filing to BSE.

The board has decided that the expert advisory committee (EAC) will consist of two members - Deepak Kapoor and Lalit Bhasin, it added.

The EAC will only consider evaluating all binding bids whether the current / improvised / modified or new) received by the company till 12 noon on May 1, it said.

"In line with the obligations towards Manipal and TPG consortium, if any new or modified binding bids are received anytime till 12.00 Noon on May 01, 2018; Manipal and TPG consortium have the ability to revise their offer till May 6," it added.

The board on May 10 will meet to consider the recommendations of EAC. It continues to be advised by Cyril Amarchand Mangaldas as legal advisor and Standard Chartered Bank as the financial advisor, Fortis Healthcare said.

In addition, the board has instructed the management to appoint a second independent financial advisor to assist and advise the board with respect to the bids, it added.

The board has also decided to hold an extraordinary general meeting of the company on May 22 at Air Force Auditorium, Delhi, at 10 AM to consider the resolutions proposed by National Westminster Bank Plc as Trustee of Jupiter India Fund, East Bridge Capital Master Fund Ltd and East Bridge Capital Master Fund I Ltd, its shareholders, Fortis Healthcare said.

These shareholders - apart from appointment of three directors - have also sought removal of Brian Tempest, Harpal Singh, Sabina Vaisoha and Lt Gen Tejinder Singh Shergill from the board.

The board in its meeting also approved the appointment of Suvalaxmi Chakraborty, Ravi Rajagopal and Indrajit Banerjee, it added.

The company has already received binding offers from four entities - KKR-backed Radiant Life Care, Malaysian major IHH Healthcare, Manipal/TPG consortium and Munjal and Burman family offices.

While Manipal Health Enterprises again revised its offer for Fortis Healthcare on April 25, raising the value of the hospitals business to Rs 6,322 crore.

KKR-backed Radiant Life Care has also made a revised bid for Fortis Healthcare Ltd (FHL) with a binding offer to acquire its Mulund hospital for an enterprise value of Rs 1,200 crore.

Malaysian major IHH Healthcare has also revised its proposal and made a binding offer to immediately infuse Rs 650 crore in the Indian firm as part of an overall proposal to invest Rs 4,000 crore.

Besides, FHL has received a binding offer from Hero Enterprise Investment Office and Burman Family Office. Group entities of Hero Enterprise Investment Office led by Sunil Kant Munjal and the Burman family of the Dabur Group currently hold around 3 per cent stake in the healthcare chain.

FHL had also received an unsolicited non-binding expression of interest from Fosun Health Holdings, an arm of Fosun International, with a proposal of primary infusion at a price up to Rs 156 per share up to a total investment of USD 350 million (over Rs 2,295 crore). PTI AKT ABH ABH

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