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IHH pips rivals with Rs 160 per share Fortis bid
16 April 2018, 01:38 | Lucia Cruz
IHH Proposes Up to $1.3 Billion Fortis Bid, Topping TPG
The rival bid by IHH would follow Manipal's offer on April 10 to buy Fortis at around 155 rupees (RM9.19) per share, or 80.39 billion rupees, which minority shareholders - including billionaire Indian investor Rakesh Jhunjhunwala - had expressed concerns about. After Malaysia, Singapore and Turkey, India is the fourth home market with 1,600 beds across six hospitals and three medical centres. The scheme is expected to increase patient numbers at private hospitals such as those run by Manipal and Fortis. It had entered India in 2002 and has so far invested over $500 million, IHH said in the proposal to Fortis.
They are entering the fray as founders Malvinder Singh and Shivinder Singh were unable to repay loans and lost Fortis shares put up as collateral.
A lack of quality assets in healthcare in India also makes Fortis attractive, a source advising Fortis on the deal said, declining to be named.
In the last few months Fortis has faced investigations by India's Serious Fraud Investigations Office and the Securities and Exchange Board of India for financial fraud - although Chief ExecutiveBhavdeep Singh has said he expects the probes to be over in the next 12 months. It has asked the Fortis board for some time to update its due diligence before making a formal bid for the company in which group entities of Hero Enterprise Investment Office led by Sunil Kant Munjal and the Burman family of the Dabur Group hold around 3 per cent stake. Ranjan Pai, chairman, Manipal Education and Medical Group, in an interview to VCCircle had said that given the complexity of the deal structure, the relative valuation has not been properly understood.
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In view of this the Surat Commissioner Satish Sharma has said, "We will widen our probe to trace the perpetrators of the crime". The Surat police have not been able to establish the identity of the girl in more than a week after the discovery of her body.
Fortis Healthcare would be in focus today after the company, late yesterday night, received an offer from offices of Munjals and Burmans.
"Our offer does not envisage any changes in the current structure, operations and assets of the company and is simple and is nearly immediately implementable", said Anand Burman.
Fortis shares jumped as much as 4% on Thursday to reach 153.9 rupees - their highest level since March 27, when Manipal made its first offer public.
Lakshadweep Pvt. Ltd, a joint venture of Suraksha Asset Reconstruction Company.
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