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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HMPV cases: CM Siddaramaiah directs officials to take precautionary measures
Bengaluru (PTI): With two cases of Human Metapneumovirus (HMPV) detected in Karnataka, Chief Minister Siddaramaiah on Monday said he has directed the health and medical education departments to take all the precautionary measures.
"There is information on HMPV or China virus infection in Karnataka. I have instructed the health department to take precautionary measures, I have also spoken to Health Minister Dinesh Gundu Rao. We -- Health and Medical Education departments -- will take all the precautionary measures to control it," Siddaramaiah said.
Briefing reporters here, he said the infections have been detected in two children. "Though it is not a dangerous virus, precautionary measures need to be taken."
"Whatever measures the health department suggests, the government will support all those measures."
The Indian Council of Medical Research has detected two cases of HMPV in Karnataka through routine surveillance for multiple respiratory viral pathogens, the Union health ministry earlier said on Monday.
A three-month-old female infant with a history of bronchopneumonia was diagnosed with HMPV after being admitted to Baptist Hospital in Bengaluru. She has already been discharged, the ministry said.
An eight-month-old male infant with a history of bronchopneumonia tested positive for HMPV on January 3 after being admitted to Baptist Hospital. He is now recovering, it said.
Neither of the patients have any history of international travel.
Meanwhile, the Directorate of Medical Education (DME) here has urged people not to panic as the virus is not as transmissible as Covid-19.
Emphasising that the respiratory virus primarily affects children, causing infections similar to the common cold, the directorate said in a release that hospitals have been instructed to report influenza-like illness (ILI) and severe acute respiratory infection (SARI) cases.
To prevent escalation of the spread of the virus, people are advised to cover mouth and nose while coughing or sneezing, wash hands frequently with soap, avoid public places if symptomatic and close contact with sick persons.
The advisory further urged people not to reuse tissue papers or handkerchiefs, share towels and linen and avoid spitting in public places.
HMPV causes flu-like symptoms including cough, fever, nasal congestion, and shortness of breath. In more severe cases, it can lead to bronchitis or pneumonia, especially in young children, the elderly, and immunocompromised individuals.
The virus spreads through respiratory droplets, close personal contact, and touching surfaces contaminated with the virus followed by touching the mouth, nose, or eyes, it added.
