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    Founders of Dabur, Hero jointly bid Rs 1,250 crore for Fortis

    Written by Ruby Khatun Khatun Published On 2018-04-13T13:29:49+05:30  |  Updated On 17 Aug 2021 11:33 AM IST

    New Delhi: Fortis Healthcare said it has received an "unsolicited binding offer" from Hero Enterprise Investment Office and Burman Family Office to invest Rs 1,250 crore in the company through preferential allotment route.


    Group entities of Hero Enterprise Investment Office led by Sunil Kant Munjal and the Burman family of the Dabur Group currently hold around 3 percent stake in the healthcare chain.


    In a regulatory filing, Fortis Healthcare Ltd (FHL) said the offer from Munjals and Burmans includes Rs 500 crore binding offer immediately and Rs 750 crore post diligence to be completed within three weeks.


    "The said proposal is under evaluation by the company and we will keep the stock exchanges informed accordingly," it added.


    Spelling out the details of their offer, the Munjals and Burmans in a joint letter said,"We are investing an amount of Rs 500 crore based on current business and financial position of the company without doing any due diligence..."


    Further, the letter said,"Allotment and pricing shall be as per SEBI ICDR guidelines for preferential issues or Rs 156 per share which is higher."

    The utilisation of proceeds from this funding shall only be for the purposes of payment of employee dues, repayment of loans which have matured and payment of pressing creditors and to monitor these a board seat shall be given to investors, it added.


    The rest Rs 750 crore shall be given after due diligence subject to the satisfaction of the investors which will be completed in three weeks, the letter added.


    Their offer comes two days after Manipal Health Enterprises raised its offer for Fortis Healthcare Ltd by valuing the hospital business higher at Rs 6,061 crore which would result in a "more favourable share exchange ratio for shareholders of FHL".


    Read also: Manipal Health raises offer for Fortis Healthcare- Firm now valued at Rs 6,061 crore
    bidBurman familyDaburDabur GroupFHLFortisFortis HealthcareFoundersHeroHero EnterpriseManipal Health EnterprisesSEBI ICDRSunil Kant Munjalunsolicited binding offer
    Source : PTI

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    Ruby Khatun Khatun
    Ruby Khatun Khatun
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