NEW DELHI: Fortis Healthcare on Saturday announced that its Board will meet on May 10 to consider the recommendations of an expert advisory committee (EAC) on all binding bids for a possible infusion of funds or a restructuring of the company.
The EAC will only consider evaluating all binding bids — whether current, improvised, modified or new — received by the company till 12 noon on May 1. However, Manipal Health Enterprises and TPG consortium can revise their offer till May 6.
Manipal Health made a revised offer on April 25, which values Fortis at Rs 6,322 crore and proposes immediate fund infusion of Rs 750 crore via debt.
Besides Manipal, Fortis has received binding bids from three other players: Malaysia’s IHH Healthcare, KKR-backed Radiant Life Care and a joint offer by the Munjal family’s Hero Enterprise Investment Office and Burman Family Office.
A unit of Chinese conglomerate Fosun International Ltd has submitted a non-binding offer and has sought time for due diligence.