FHL receives new offer from Manipal-TPG, share price hiked to Rs 180
Mumbai, May 14: Fortis Healthcare (FHL) on Monday said that it has received a "modified" new offer from the consortium of Manipal Health Enterprises (MHEPL) and private equity (PE) firm TPG.
As per a BSE filing, FHL said that its Board has received a "modified" new offer from Manipal and TPG with a proposal which values the company at Rs 9,403 crore at a share price of Rs 180 per share.
"We have been following the developments of the past few days after the announcement by FHL and have observed, through media reports, the negative reaction of the FHL shareholders to the decisions of the FHL Board to accept the Hero and Burman offer," Manipal Health Enterprises said in its offer letter.
"The modified new offer is not only financially beneficial for FHL and its stakeholders in the short term but also solves the larger issues facing FHL, including FHL's payment obligation for the acquisition of the relevant Indian entities from RHT and the exit required to be provided by FHL to the private equity investors in SRL."
On May 6, the consortium of MHEPL and TPG revised their offer to acquire a stake in FHL, proposing to infuse Rs 2,100 crore into the company at a share price of Rs 160 per share. That time the consortium had proposed to merge MHEPL into FHL with the latter valued at Rs 8,358 crore.
The development comes days after the FHL Board on May 10 decided to recommend the offer of the Hero and Burman family consortium for sale of its business to the shareholders for their approval later this month.
Fortis Director Brian Tempest on May 11 had said: "The Board, by a majority, decided to recommend the Hero-Burman family offer to shareholders looking at the binding bids for the point of certainty of liquidity flowing into the company."
The company said that the entire exercise for selecting the Hero and Burman consortium involved a process that witnessed "deliberation and recommendation" by an independent Expert Advisory Committee (EAC).
The EAC comprised Deepak Kapoor, former Chairman of PWC (India), and Lalit Bhasin, Chairman of the Indian Society of Law Firms, along with two financial advisors -- Standard Chartered Bank and Arpwood Capital -- while Cyril Amarchand Mangaldas were the legal advisors.
The deal envisages an upfront equity infusion of Rs 800 crore at a price of Rs 167 per share through preferential allotment. The Munjal-Burman consortium has also offered a further amount of Rs 1,000 crore through preferential issue of warrants.
"There will be a shareholders' EGM on this on May 22 and I am positive that there will be support from the shareholders for the decision," he said on May 11.
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. The bid winners' offer was not the highest.
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Centre spent Rs 76.13 lakh on print media ads for RSS centenary, reveals RTI
New Delhi: The Union Ministry of Culture allegedly spent Rs 76.13 lakh on print advertisements marking the 100-year celebrations of the Rashtriya Swayamsevak Sangh (RSS), according to a Right to Information (RTI) reply.
The information was sought by RTI activist Ajay Basudev Bose, who filed an application seeking details on expenditure incurred by the ministry for advertisements commemorating the RSS centenary.
Bose shared a picture of the reply from the ministry on his official ‘X’ handle.
“It is informed that an amount of Rs 76,13,129 has been spent on advertisement given in various print media by the Ministry of Culture on the occasion of the completion of 100 years of RSS,” the government’s reply stated.
RTI reply shows Min of Culture Govt of India spent a Whopping Rs 76L,13K,129 on Advertisement in Print Media on occasion of 100 yrs of #RSS
— AJAY Basudev Bose (@AjayBos93388306) April 16, 2026
When Everyone knows RSS is Not Registered & Does not Pay any Tax is it justified to spend Tax Payers Money on such Private event??@RSSorg… pic.twitter.com/dW4IUtdNCg
Bose questioned the expenditure in the post X, “when Everyone knows RSS is Not Registered & Does not Pay any Tax is it justified to spend Tax Payers Money on such Private event??”
Reacting to the development, Karnataka’s IT-BT and Panchayat Raj Minister Priyank Kharge also criticised the spending.
In a post on X, he asked why public money was being used for what he described as a “private ideological project.”
"Modi Sarkar spent Rs 76,13,129 of public money on newspaper advertisements to celebrate 100 years of the RSS. Why is Government spending taxpayers money on an unregistered, non-tax-paying organisation to celebrate their centenary?," he added.
Why is public money being used to serve a private ideological project?
— Priyank Kharge / ಪ್ರಿಯಾಂಕ್ ಖರ್ಗೆ (@PriyankKharge) April 16, 2026
Modi Sarkar spent ₹76,13,129 of public money on newspaper advertisements to celebrate 100 years of the RSS.
Why is Government spending taxpayers money on an unregistered, non-tax-paying organisation to… pic.twitter.com/EoZ6Pim3IM
According to reports, the RSS describes itself as a volunteer-based organisation and has stated that it functions as a body of individuals rather than a registered entity.
Founded by Keshav Baliram Hedgewar in 1925, the organisation is marking its centenary year beginning from Vijaydashami in 2025, with the milestone observed on October 2.
