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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Notices issued against 24 people for protesting against Waqf Bill by wearing black badges in UP
Muzaffarnagar (UP) (PTI): Authorities in Uttar Pradesh's Muzaffarnagar district have issued notices against 24 people for protesting against the Waqf (Amendment) Bill, 2025 by wearing black badges and asked them to furnish bonds of Rs 2 lakh each.
Superintendent of Police (City) Satyanarayan Prajapat on Saturday told reporters that notices were served to 24 persons in this connection, and added that police have identified more people on the basis of CCTV footage.
The notices were issued by City Magistrate Vikas Kashyap on the police report, asking them to furnish bonds of Rs two lakh each after appearing before the court on April 16. These people were found protesting against the Waqf (Amendment) Bill, 2025 and wearing black badges on their arms during last Friday prayers of Ramzan in different mosques here on March 28.
The people who got notices issued against them said they wore black badges only to show protest in a democratic way.
Minority Affairs Minister Kiren Rijiju tabled the Waqf (Amendment) Bill, 2025 in the Rajya Sabha on Thursday, asserting that the legislation is not against Muslims or intended to hurt their religious feelings, but seeks to improve the functioning of Waqf properties, address complexities, ensure transparency and introduce technology-driven management.
The Lok Sabha passed the Bill by a 288-232 vote in the early hours of Thursday, after nearly 12 hours of debate, and the Rajya Sabha gave its nod to the legislation following an over 13-hour debate.
The Bill was passed in the Rajya Sabha with 128 members voting in favour and 95 opposing it.
