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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Allahabad HC asks Moradabad DM to act against 'illegal' construction of temple in public park
Prayagraj (UP), May 20: The Allahabad High Court has directed the district magistrate and station house officer (SHO) concerned to take appropriate action in accordance with law regarding the alleged illegal construction of a temple in a public park of Awas Vikas Parishad at Buddh Vihar, Majhola in Moradabad district of Uttar Pradesh.
Hearing a public interest litigation (PIL) matter filed by Neeraj Kumar Tyagi, a division bench comprising Chief Justice Arun Bhansali and Justice Vikas Budhwar directed the Awas Evam Vikas Parishad, Moradabad to approach the DM and SHO concerned by way of an exhaustive application pertaining to the alleged illegal construction.
The petitioner has alleged that some people are illegally constructing a temple in a public park in the Awas Vikas Colony. When the matter was brought to the knowledge of the Awas Vikas executive engineer, he sent a junior engineer to the spot, who asked those involved in the construction to stop the work, but it was not stopped.
Thereafter, the executive engineer approached the Majhola SHO. However, when no action was taken, he wrote to the DM but despite this, no action has been taken so far.
Hence, the petitioner filed the petition in the court seeking the removal of the illegal construction from the park. During the course of the hearing, the counsel for the petitioner, Rajvendra Singh, contended that the Uttar Pradesh government issued an order dated October 29, 2009, prohibiting the construction of temples, churches, mosques, gurdwaras etc. on public roads, parks and public places. In this backdrop, he requested the court to intervene and direct the authorities concerned to take appropriate steps.
The petitioner also requested the court to grant him time to implead those involved in raising the construction as respondents in the PIL.
After hearing the petitioner's counsel, the court, in its order dated May 15, observed, "A perusal of the petition clearly indicates that construction is going on in the park and despite the Awas Evam Vikas Parishad requiring the police to intervene and stop the illegal construction, apparently, nothing has been done either by the district administration or the police station concerned."
The court has fixed July 8 for the next hearing in the matter.
