IHH Healthcare Revises Binding Offer For Fortis, To Invest 650 Crore Rupees Now
Reuters: Malaysia's IHH Healthcare Bhd on Tuesday revised its proposal for India's Fortis Healthcare Ltd, making a binding proposal for about a fifth of its offer value, as the battle for takeover of Fortis escalates.
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The revised offer includes a binding proposal for an immediate infusion of 6.50 billion rupees ($98.0 million).
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IHH plans to infuse the amount via a preferential issue and allotment of shares at 160 rupees per share for which it would be given the right to appoint two directors on Fortis board, IHH said.
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The non-binding part of the proposal is for subsequent infusion of up to 33.50 billion rupees.
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Earlier this month, IHH, one of Asia's largest healthcare operators, said it was ready to infuse 40 billion rupees at up to 160 rupees per share.
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Fortis, which confirmed the receipt of IHH's revised offer, has received as many as five offers for control of its hospital business. Rival hospital operator Manipal Healthcare Enterprises Pvt Ltd and a consortium of two prominent Indian business families have submitted a binding bid and an investment offer, respectively.
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(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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