Diabytes
Fortis Board News
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Fortis shares rose as much as 4.2 percent to 155 rupees on Tuesday, marking their biggest intraday percentage gain in nearly two weeks.
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Fortis Healthcare has already received binding offers from four entities - KKR-backed Radiant Life Care, IHH Healthcare, Manipal/TPG consortium, and Munjal and Burman family offices.
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The development follows the Fortis board forming an expert panel last week to evaluate binding offers and make the final recommendation by April 26.
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Fortis has received an improved binding offer from Hero Enterprise Investment Office and Burman Family Office to invest Rs 1,500 crore directly in the company.
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Manipal Hospitals, part of Manipal Education and Medical Group (MEMG), is owned by Dr Ranjan Pai and has been backed by TPG, a leading global alternative asset firm and experienced healthcare investor since 2015.
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The stock, after making a weak opening, cracked 9.96 percent to Rs 128.25.
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Fortis board was reportedly expected to meet Manipal Health for approving the proposed merger.
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Fortis Healthcare on Friday sold its Singapore hospital to Concord Medical Services (International) Pte Ltd for SGD 55 million (approx Rs 251 crore) in line with strategy to focus on the domestic market.
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