Mumbai, April 23: Fortis Healthcare on Monday said Hero Enterprise Investment Office and the Burman Family Office have extended the validity of their 'improved binding offer' till May 4, 2018.
According to a BSE filing, "all other terms and conditions of the improved offer remain unchanged".
On April 19, Sunil Kant Munjal of Hero Enterprise as well as Anand Burman and Mohit Burman of the Burman family approached the Board of Fortis Healthcare with a binding offer to invest Rs 1,500 crore directly in the company.
The 'improved binding offer' replaced their original offer made to the Board on April 12, 2018 to invest Rs 1,250 crore directly in Fortis Healthcare.
The development comes days after Fortis Healthcare disclosed that it has received "an unsolicited non-binding expression of interest (EoI)" from KKR-backed Radiant Life Care with "a proposal for making investment and or re-structuring the company subject to certain conditions as mentioned in the offer letter".
As per an earlier BSE filing, Radiant Life Care has made an offer to buy a 26 per cent stake in the company at a price of Rs 126 per share, excluding the SRL Diagnostics' business.
Fortis Healthcare had earlier revealed that it has received a "supplemental proposal" from IHH Healthcare Berhad.
Besides IHH, Fortis Healthcare has received "an unsolicited non-binding expression of interest (EoI)" from Fosun Health Holdings for a possible due diligence.
Fosun Health Holdings has made an offer of a "primary infusion at a price up to Rs 156 per share, subject to due diligence to be completed within three weeks, up to a total investment of $350 million" including a preliminary investment of up to Rs 100 crore.
However, Fortis Healthcare on March 27 had announced plans to demerge its hospitals business (Fortis Hospitals) into Manipal Hospital Enterprises Private Ltd (Manipal Hospitals).
The plan envisages the sale of the company's 20 per cent stake in SRL Ltd to Manipal Hospitals.
On last Thursday, Fortis Healthcare decided to constitute an "expert advisory committee" to evaluate all binding proposals for fund infusion. The panel is led by Deepak Kapoor, Former Chairman and CEO of Price Waterhouse Coopers, India and has been "requested to provide a report of its recommendation to the Board, by April 26, 2018".
The company has named Renuka Ramnath and Lalit Bhasin as members of an "expert advisory committee". Ramnath is a former MD and CEO of ICICI Venture and Bhasin, President, Society of Indian Law Firms and Managing Partner, Bhasin & Co.
The panel is likely to meet by April 25 to decide on the merger or buy offers.
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PM Modi explained reason why he doesn't hold press conferences
New Delhi: Prime Minister Narendra Modi recently in an interview to India Today said that “the media today was not what it used to be”, and also said as to why he has been selective in attending interviews. During an exclusive conversation with India Today, PM Modi said that his reduced participation in media interviews is a conscious decision aimed at prioritizing direct engagement with grassroots issues over media appearances.
"I have to work hard. I want to go to poor people's homes. I can also cut ribbons and get my photo taken in Vigyan Bhawan. I don't do that. I go to a small district of Jharkhand and work towards a small scheme," PM Modi said.
He said he brought a new work culture, adding, "If that culture feels right, then the media should present it correctly; if not, then they shouldn't."
PM Modi further stated that the media was no longer a separate entity today. "Earlier, I used to talk to Aaj Tak, but now the viewers know who I am talking to (referring to anchors). The media is no longer a separate entity today. Like many others, you (the anchors) have also made your views known to people," the Prime Minister said.
Seconds later, he said in jest, "If maximum people watch me in this election, they will watch me on Aaj Tak."
Pointing out that earlier media were the only source of communication, but now new mediums of communication are available PM Modi said, “Today, if you want to talk to the public, communication is two-way. Today, the public can also make their voice known without the media. Even a person who has to answer can express his views well without the media.”
