IHH extends validity of its 'Enhanced Revised offer' for Fortis till June 30
Mumbai, May 25: Fortis Healthcare (FHL) on Friday said that Malaysia's IHH Healthcare Berhad has extended the validity of its "Enhanced Revised Offer" to invest in the company.
As per a BSE filing, FHL said that its Board has received a letter from IHH for extending the acceptance period for its offer to June 30 from the earlier date of May 29. IHH has proposed to invest directly into the company at Rs 175 per share cost.
"In order to enable the reconstituted Board to fully consider and evaluate our proposal, we now extend the acceptance period of the enhanced revised IHH proposal..." IHH Healthcare Berhad's Managing Director and Group CEO Tan See Leng said in the letter to the Fortis Board.
The development comes just after a consortium of Manipal-TPG had extended the validity of its "modified" new offer till June 6 from the earlier date of May 29.
"We understand that the FHL board is still in the process of considering the modified new offer... in order to provide FHL board with sufficient time to consider our modified new offer, we propose to extend the validity of our modified new offer...," the Manipal Global Health Services said in a letter to the company's Board.
On May 14, the Manipal-TPG consortium had received the "modified" new offer which proposed to values the company at Rs 9,403 crore at a share price of Rs 180 per share.
However, the company's Board on May 10 decided to recommend the offer of the Munjal-Burman consortium for sale of its business to the shareholders for their approval.
Fortis' board had received offers from suitors such as Hero Enterprise Investment Office, Burman Family Office, Fosun Health Holdings, Malaysia's IHH Healthcare Berhad, Manipal Hospital Enterprises and Radiant Life Care for infusion of funds.
In addition, the validity extension of IHH's offer comes as the healthcare major's shareholders voted Director Brian W. Tempest out from the company's Board at the Extraordinary General Meeting (EGM) held on Tuesday. The EGM had sought shareholders approval on a resolution filed by a minority shareholders' group to induct and remove certain Board members among other clearances.
The resolution had sought shareholders approval to replace Tempest, Non-Executive Director Harpal Singh, and Non-Executive Independent Directors Sabina Vaisoha and Tejinder Singh Shergill from the Board.
Harpal Singh, Shergill, and Vaisoha resigned on Sunday citing personal reasons.
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Karnataka Milk Federation enters Delhi-NCR, offers competitive pricing on Nandini products
New Delhi, Nov 21: Karnataka Chief Minister Siddaramaiah on Thursday launched the Karnataka Milk Federation's (KMF) Nandini brand milk products in the Delhi-NCR market, pricing them marginally lower than competitors to gain a foothold in the region.
The cooperative will retail four cow milk variants, curd, and buttermilk from Friday, with competitive pricing that undercuts established players like Mother Dairy and Amul.
Cow milk will be sold at Rs 56 per litre, full Cream Milk at Rs 67 per litre, Standardised Milk at Rs 61 per litre, Toned Milk at Rs 55 per litre, and curd at Rs 74 per kg.
"We have surplus milk in the state. KMF along with Mandya Milk Union will market surplus milk of 3-4 lakh litres per day in Delhi-NCR," Siddaramaiah told reporters after launching the products.
The federation currently collects 100 lakh litres of milk daily, with local consumption at 60 lakh litres, leaving a surplus of 40 lakh litres for expansion into new markets.
However, the Chief Minister acknowledged the challenges of transporting milk over 2,500 km, which takes 50-54 hours.
There is a need to find new markets for surplus milk and gradually the KMF should be able to sell 5-6 lakh litres per day in Delhi-NCR, he added.
KMF Chairman LBP Bheemanaik assured that milk quality would be maintained during transit.
The federation has already partnered with 40 dealers in the Delhi-NCR region to facilitate sales, he added.
With a robust infrastructure of 26.76 lakh milk producers, 15,737 dairy cooperative societies, and 15 district milk unions, KMF has a turnover of Rs 25,000 crore and exports dairy products to over 25 countries.
State Animal Husbandry Minister K Venkatesh and Agriculture Minister N Cheluvarayaswamy were present at the product launch.
ದೇಶದ ಹಾಲು ಉತ್ಪಾದನೆಯಲ್ಲಿ ಗುಜರಾತ್ ಮೊದಲ ಸ್ಥಾನದಲ್ಲಿದ್ದರೆ, ಕರ್ನಾಟಕ ಎರಡನೇ ಸ್ಥಾನದಲ್ಲಿದೆ.
— Siddaramaiah (@siddaramaiah) November 21, 2024
ದೆಹಲಿ ನಗರದಲ್ಲಿ ಕೆ.ಎಂ.ಎಫ್ ಮತ್ತು ಮಂಡ್ಯ ಹಾಲು ಒಕ್ಕೂಟಗಳು ಸೇರಿಕೊಂಡು ವಿವಿಧ ಶ್ರೇಣಿಯ ಹಾಲನ್ನು ಮಾರುಕಟ್ಟೆಗೆ ಬಿಡುಗಡೆ ಮಾಡಿವೆ. ದೆಹಲಿಯ ನಿವಾಸಿಗಳಿಂದ ನಂದಿನಿ ಉತ್ಪನ್ನಗಳಿಗೆ ಅತ್ಯುತ್ತಮ ಸ್ಪಂದನೆ ದೊರೆಯಲಿದೆ ಎಂಬ ವಿಶ್ವಾಸ ನನಗಿದೆ.… pic.twitter.com/yUmTQknGzD
