Fortis shortlists four entities for biz sale

New Delhi, June 1

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Fortis Healthcare on Friday said it has shortlisted four entities — the Munjal-Burman combine, Manipal-TPG consortium, Malaysia’s IHH Healthcare Berhand and Radiant Life Care — to bid for the sale of its business.

In a regulatory filing, Fortis said it has received interest from various parties on May 31, as per the timeline specified in the fresh process for bidding.

It said the company’s Board has decided to include the following four parties — Hero Enterprise Investment Office and Burman Family Office (Dabur), IHH Healthcare Berhand, Radiant Life Care, Manipal-TPG consortium in the bidding process.

Earlier this week, Fortis Healthcare initiated a fresh time-bound bidding process for its sale after terminating the offer made by the Munjal-Burman combine.

As part of the process, the Fortis Board decided to invite three entities that had put in binding offers — Munjal-Burman combine, TPG-Manipal consortium, and Malaysia’s IHH Healthcare Berhad — to participate in the fresh bidding process subject to certain conditions.

The three entities were given time till Friday to confirm adherence to the new bidding process while other interested parties were also required to submit an EoI by May 31.

As per the fresh criteria, the buyers have to make a minimum investment of Rs 1,500 crore into Fortis Healthcare by way of preferential allotment apart from having a plan for funding the acquisition of RHT Health Trust (RHT) and a plan for providing exit to private equity investors of diagnostic arm SRL.

Among others, the bids should be unconditional and mention about the source of funds for the transaction and elaborate on the plans for retention of current management and employees. Last week, Fortis Board was reconstituted after shareholders had voted out its director Brian Tempest. — PTI

Fresh bidding process

The shortlisted parties include Hero Enterprise Investment Office and Burman Family Office (Dabur), IHH Healthcare Berhand, Radiant Life Care and Manipal-TPG consortium 

Earlier this week, Fortis had initiated a fresh time-bound bidding process for its sale after terminating the offer made by the Munjal-Burman combine

As per the fresh criteria, the buyers have to make a minimum investment of Rs 1,500 crore Ravi Rajagopal appointed chairman 

Ravi Rajagopal appointed chairman 

Rajagopal (63), a chartered accountant, is currently a non-executive independent director on the Fortis Board