Fortis Healthcare today said Hero Enterprise Investment and the Burman Family have extended the validity of their improved, joint binding offer to invest Rs 1,500 crore in the company till May 4. The development follows the Fortis board forming an expert panel last week to evaluate binding offers and make the final recommendation by April 26. On April 18, Hero Enterprise Investment Office and Burman Family Office improved their binding offer with a proposal to invest Rs 1,500 crore directly at a valuation of Rs 161.6 per share, from the earlier Rs 1,250 crore. They had stated that their improved offer was valid for five working days.

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In a regulatory filing, Fortis Healthcare Ltd (FHL) said it has received a letter from Hero Enterprise Investment Office (led by Hero group's Sunil Kant Munjal) and Burman Family Office (promoters of Dabur group) extending the validity of their binding offer. In the letter to the Fortis board, the two partners said that in the wake of a formation of an advisory committee by to evaluate binding offers and recommend to the board for consideration by April 26, they were extending their deadline. "...We are hereby extending the validity period till May 4, 2018 or as otherwise extended by us in writing and the term of validity period in the improved offer letter should be construed accordingly," the letter said.

The advisory committee constituted by the Fortis board to oversee evaluation process and function as an advisor to the board is headed by Deepak Kapoor, Former Chairman and CEO of Price Waterhouse Coopers, India. The other members of the panel are Renuka Ramnath, former MD & CEO of ICICI Venture, and Lalit Bhasin, President, Society of Indian Law Firms & Managing Partner, Bhasin & Co. Malaysia's IHH Healthcare Bhd, Manipal Health Enterprises, Burmans and Munjals (jointly), Chinese firm Fosun Health Holdings and KKR-backed Radiant Life Care are in the race for buying Fortis. The troubled healthcare chain had received binding offers from Manipal/TPG consortium, and Munjal and Burman family offices.

It received non-binding expression of interests from Malaysia's IHH Healthcare Berhad, Chinese firm Fosun Health Holdings and KKR-backed Radiant Life Care. The Manipal/TPG-led consortium had raised their offer for Fortis to Rs 155 per share by valuing the hospital business higher at Rs 6,061 crore from Rs 5,003 crore in its initial offer on March 27. Malaysia's IHH Healthcare had offered to acquire stake in the Indian firm at Rs 160 per share and also upped the ante by proposing to infuse Rs 4,000 crore through a preferential allotment of equity shares at a price not exceeding its offer share price.

Fortis Healthcare had also received an unsolicited non-binding expression of interest from Fosun Health Holdings, an arm of Fosun International, with a proposal of primary infusion at a price up to Rs 156 per share up to a total investment of USD 350 million (over Rs 2,295 crore). On the other hand, Radiant Life Care had offered to acquire at least 26 per cent stake in Fortis at Rs 126 per share, excluding its diagnostic business SRL.