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.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
7 killed after bus overturns in Jharkhand's Hazaribag
Hazaribag (Jharkhand), Nov 21: At least seven people were killed and several others injured on Thursday, after a Patna-bound bus overturned in Jharkhand's Hazaribag district, police said.
The accident occurred near Gorhar Police Station area, around 50 km from the district headquarters, as the bus turned turtle while negotiating a sharp bend, a senior officer said.
Hazaribag SP Arvind Kumar Singh told PTI seven persons were killed, while some suffered serious injuries.
There were around 50 passengers in the bus, which was on way to Patna from Kolkata, another officer said.
Motichand Prasad, a passenger, said his wife Rajkumari Prasad was killed in the accident.
"We were asleep when the accident occurred in the morning. We boarded the bus in Kolkata on Wednesday for Bihar," Prasad, a resident of Bihar's Gopalganj, said.
Another passenger from Bihar Sharif, Ganesh Kumar, said the incident took place around 6 am.
"As the driver tried to negotiate a sharp bend, he lost control over the bus and the vehicle overturned," Kumar said.
A police officer present on the spot said around 10 injured people were in critical condition.
Sub-divisional Police Officer (SPDO), Barhi, Ajit Kumar, said only three bodies could be identified so far – Rajkumari Prasad (55), Niti Samanta (25) and Ejaz Ahmed (40).
“Four other bodies are kept at the morgue of Sheikh Bhikhari Medical College and Hospital (SBMCH) at Hazaribag for identification,” he said.
Three critically injured persons were referred to Ranchi’s RIMS, while the others were being treated at SBMCH.
In a separate incident under the same police station area, two youths were crushed to death by a bus coming from behind.
The deceased were identified as Amit Kumar and Pappu Kumar, who were on a motorcycle when the bus struck the vehicle, an officer said.
