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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Parameshwara rules out internal differences in Congress in Karnataka
Bengaluru (PTI): Ruling out any internal differences in the ruling Congress in Karnataka, senior party leader and Home Minister G Parameshwara on Thursday said there may be certain minor differences of opinion, but there are no major issues or confusions within.
He also said that his absence in Delhi where Chief Minister Siddaramaiah, Deputy Chief Minister D K Shivakumar and several senior Ministers are camping and plan to meet party high command, is not because of any disgruntlement. Even though he agreed he was not invited to Karnataka Bhavan inauguration in Delhi, he said it is not too important to attend it.
"Where is the internal difference? I myself don't know. You (media) may be creating certain things and speaking. There is no difference among us. Congress is in power and we are running the administration and are implementing programmes," Parameshwara said.
Responding to a question whether there will be an end to internal differences in the Congress with the Chief Minister meeting party senior leader Rahul Gandhi and other central leaders in Delhi, he further said, "There may be minor difference of opinion, it will naturally be there, but it cannot be called an issue or confusion."
CM Siddaramaiah met Rahul Gandhi early on Thursday.
The meeting is seen as a significant one in the backdrop of power tussle in the ruling Congress and speculations about the change in Chief Minister's post later this year. Shivakumar and Parameshwara are seen as the major contenders for the post.
Party sources said that issues like demand to replace Shivakumar from the post of state congress chief, honey-trap attempts as alleged by Minister K N Rajanna might have taken up for discussion as well.
Responding to a question on speculations within the party including the one about changing state Congress President, Parameshwara, who held the post in the past said, "Some want change, some want the same person to continue. It was the same thing when I held the post and when my first term ended, high command called all the state leaders and spoke to them, and then I was asked to continue."
Deputy CM Shivakumar is currently on an extension in the KPCC President post.
Asked whether his opinion has been sought by AICC regarding the developments in the state unit and nominations for vacant MLC posts, the Home Minister said, no one has sought any opinion and there has been no discussion in this regard.
"My opinion is not important, with the passage of time things keep changing. With the flow of fresh water, old water has to flow forward. You interpret however you want," he said when reporters tried to elicit his response on whether his opinion is being considered by the party while making decisions.
Parameshwara said he was not invited for the inauguration of the reconstructed Karnataka Bhavan building -1 'Cauvery' on Wednesday evening, but ruled out any disgruntlement.
Noting that he was the one who had laid the foundation for the Karnataka Bhavan, as the then Deputy Chief Minister, he said, "I don't know, no one has invited me. How to go to the event in Delhi without any invite? So I did not go..."
He however also said that he did not find the event to be that important for him to attend. "Chief Minister, Deputy Chief Minister and PWD Minister were already there and I don't feel that I too should be there. I felt it was not necessary to attend."
Rejecting any difference with Shivakumar as the reason for skipping the event in Delhi and Siddaganga Math event in Tumakuru, he said, "I can even now go to his house immediately if needed. We don't have any such things, we are very good friends."
