India`s Fortis Healthcare Ltd said on Thursday its board has accepted an offer from Hero Enterprise Investment Office and the Burman Family Office to invest in the cash-strapped hospital chain.
The group offered to invest 8 billion rupees ($119 million) in Fortis` hospitals business at a price of 167 rupees per share.
The recommendation by Fortis` board would be sent to shareholders for approval, Fortis said.
Hero Enterprise is an investment company formed by Sunil Munjal, founder of India`s largest motorcycle maker Hero Group.
The Burman Family Office is the private investment arm of the family that owns consumer goods company Dabur India.
($1 = 67.2400 Indian rupees)
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.