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Fortis' largest shareholder, Yes Bank, has asked the board to consider all the bids (binding as well as non-binding) despite the board recommending the Munjal-Burman offer.

IHH Healthcare has proposed to invest Rs 650 crore into Fortis right away at Rs 175 per share.The company will put another Rs 3,350 crore at Rs 175 per share after a week's worth of due diligence.

Within hours of the Fortis Healthcare board announcing the Munjal-Burman bid as the preferred bid to take over India's second largest hospital chain, Sunil Kant Munjal and Anand Burman sat down with BusinessToday.In Editor Rajeev Dubey and Business Today, Senior Editor Joe C Mathew to explain what convinced them to bid for the company mired in allegations of poor corporate governance, their apprehensions and how they plan to turn around the struggling healthcare chain.

Five of the eight members of the FHL board who voted for the joint offer from the Munjal-Burman combine not only went against the recommendations of financial advisers Arpwood Capital and Standard Chartered Bank (SCB), but also that of legal adviser Cyril Amarchand Mangaldas.

The much-wooed Fortis Healthcare (FHL) may have selected a suitor at last, but the happily-ever-after bit is still a long way off.

Right after having their bid selected for the Fortis Healthcare, Sunil Kant Munjal and Anand Burman talked to Business Today about why they chose to bid for the company and how they plan to turn it around.

The Fortis board was split with five out of eight Fortis Healthcare board members picking the Munjal-Burman family bid for the cash-strapped second-largest hospital chain in the country. Fortis board said that the Munjal-Burman family bid was considered the best from a view point of risk, certainty and liquidity flowing into the company. Watch the press conference held by independent board member Brian Tempest who said that the board followed a 'healthy process' in order to determine the right bid.

In an exclusive interaction with Business Today, Burman said that they have confidence in the strengths of Fortis.

The Fortis board was split with five out of eight Fortis Healthcare board members picking the Munjal-Burman family bid for the cash-strapped second-largest hospital chain in the country.  

In a meeting held on Thursday, the Fortis Board decided by majority to recommend the revised offer of Hero Enterprise Investment Office-Burman Family Office made on May 1 for an upfront equity infusion of Rs 800 crore at a price of Rs 167 per share through preferential allotment, Fortis Healthcare said.

Flipkart co-founder Sachin Bansal bids adieu in emotional Facebook postNews of Flipkart co-founder Sachin Bansal's exit from the company had surfaced even before the Walmart deal was finalised. Now, with the Walmart-Flipkart deal following through, Sachin Bansal has put up an emotional post on Facebook. \"Sadly my work here is done and after 10 years, it's time to hand over the baton and move on from Flipkart. But I'll be watching and cheering from the outside - Flipsters, you bet...

Without disclosing in detail their vision for Fortis, Dabur's Anand Burman said that they have very explicit plans for the first 30 days, 100 days and 365 days for the company.

It's a big day for Fortis Healthcare Limited (FHL). Having played the belle of the ball over the past few weeks - with its suitors aggressively competing against each other and repeatedly sweetening their bids for the healthcare major - the company is scheduled to pick a winner today.

In the new offer, Manipal-TPG has valued Fortis at Rs 8,358 crores and shown interest to invest Rs 2,100 crore into Fortis at a share price of Rs 160. Earlier, Manipal-TPG had valued FHL at Rs 6,322 crore.