Munjals, Burmans enter Fortis Healthcare race, offer Rs 1,250 crorehttps://indianexpress.com/article/business/companies/munjals-burmans-enter-fortis-healthcare-race-offer-rs-1250-crore-5135281/

Munjals, Burmans enter Fortis Healthcare race, offer Rs 1,250 crore

The binding offer is to invest Rs 500 crore immediately and Rs 750 crore after diligence is completed within three weeks. The offer is subject to certain conditions.

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Fortis has already received rival offers from Manipal Health and IHH Healthcare. (Representational Photo)

Fortis Healthcare said on Thursday that it has received an unsolicited binding offer from Hero Enterprise Investment Office, controlled by the Munjal family, and Burman Family Office to invest Rs 1,250 crore in the company through the preferential allotment route.

The binding offer is to invest Rs 500 crore immediately and Rs 750 crore after diligence is completed within three weeks. The offer is subject to certain conditions. The proposal is under evaluation of Fortis. Fortis has already received rival offers from Manipal Health and IHH Healthcare.

Hero and Burman group entities are shareholders of Fortis, holding about 3 per cent in the hospital operator, according to the offer letter from the investors attached to the filing made to stock exchanges.

The investors have said that Fortis requires immediate external funding and clarity about future to stabilise itself.

Hero along with Burmans had approached Fortis in March to discuss possibility of an M&A transaction but the discussions were unsuccessful as the Fortis management said the company did not have the time to offer due diligence opportunity. FE