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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Sensex, Nifty trade flat in volatile trade amid geopolitical tensions
Mumbai, May 8 (PTI): Benchmark indices Sensex and Nifty began the day on an optimistic note on Thursday but later turned volatile, a day after India launched missile strikes on terrorist hideouts in Pakistan and Pakistan-Occupied Kashmir.
Investors stayed on the sidelines amid rising geopolitical tensions.
In a strong retaliation to the Pahalgam massacre, India's armed forces early on Wednesday destroyed nine terror sites including that of Jaish-e-Mohammad and Lashkar-e-Taiba in Pakistan and Pakistan-occupied Kashmir (PoK) using deep strike missiles in a 25-minute-long "measured and non-escalatory" mission.
The 30-share BSE benchmark gauge climbed 181.21 points to 80,927.99 in early trade. The NSE Nifty went up by 32.85 points to 24,447.25
However, later both the benchmark indices faced volatile trends and were trading flat. The BSE benchmark Sensex traded 24.31 points lower at 80,730.57, and the Nifty quoted 32.20 points down at 24,382.20.
"In the current context of uncertainty investors may wait and watch the developments on the India-Pak tensions," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.
From the Sensex firms, Tata Motors, Power Grid, Kotak Mahindra Bank, Axis Bank, Adani Ports, IndusInd Bank, Bajaj Finance, and State Bank of India were among the biggest gainers.
Eternal, ITC, Maruti, HDFC Bank, and Reliance Industries were among the laggards.
Foreign Institutional Investors (FIIs) bought equities worth Rs 2,585.86 crore on Wednesday, according to exchange data.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225, Shanghai's SSE Composite index and Hong Kong's Hang Seng were trading in the positive territory.
US markets ended higher on Wednesday.
Global oil benchmark Brent crude climbed 0.70 per cent to USD 61.55 a barrel.
After gyrating between highs and lows during the day on Wednesday, the 30-share BSE benchmark ended 105.71 points or 0.13 per cent higher at 80,746.78. The 50-issue Nifty of NSE advanced by 34.80 points or 0.14 per cent to settle at 24,414.40.
