Fortis Healthcare launches new bidding process
Fortis`s board earlier this month approved an investment offer for 18 billion rupees ($265 million) from the Hero Enterprise Investment Office and the Burman Family Office consortium, but shareholders were lukewarm to the plan which waived due diligence. The planned stake size was not disclosed. Bidders in the new round should submit their offers by June 14, with a minimum investment of 15 billion rupees by way of preferential allotment. They were given 10 days to conduct financial and legal due diligence.
Fortis Healthcare laid out plans on Tuesday for a fresh bidding process, after it became the subject of a bidding war by suitors seeking to cash in on an expected boom in India`s private healthcare market. Image source: Reuters