Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
14 November, 2018 01:57 IST
Fortis accepts Rs 40 bn investment offer from IHH Healthcare Berhad
Source: IRIS | 13 Jul, 2018, 10.38AM
Comments  |  Post Comment

The board of directors of Fortis Healthcare (FHL) unanimously decided to recommend the binding investment proposal from IHH Healthcare Berhad (IHH) to invest Rs 40 billion by way of preferential allotment at a price per share of Rs 170.

Pursuant to the Board meeting held on May 29, 2018, the board of directors of FHL had initiated a fresh bidding process (Process) to meet FHL's long term and short term objectives. 3 bidders (IHH, TPG-Manipal consortium, Hero-Burman consortium) were invited to participate in the process, and FHL had received an expression of interest from Radiant-KKR consortium. The diligence access and management interaction was offered to all the 4 bidders.

Initial bid submission date was set for June 14, 2018 which was subsequently revised and communicated to all bidders for July 3, 2018. This was subsequent to the delay in announcement of Audited accounts for financial year ending March 31, 2018.

Bhavdeep Singh, CEO, Fortis (Q,N,C,F)* Healthcare, said, ''The proposed partnership with IHH presents exciting opportunities for Fortis while also delivering a number of synergistic avenues for the business. There is no doubt that the last twelve months have been challenging for us, however, I am confident we can collectively reenergize the entire organization. In addition to exchanging best practices and driving topline growth, we look forward to focusing back on our core business of providing world class healthcare services across India. I would like to also take this opportunity to thank all our employees, especially clinicians and nurses, for their continued commitment and support.''

Shares of the company gained Rs 0.85, or 0.6%, to trade at Rs 143.00. The total volume of shares traded was 556,217 at the BSE (10.24 a.m., Friday).

Comments Post comment 
 Post Comment
Name Email
Security Code type    into this box
Related Articles
Lupin gets approval for Budesonide inhalation suspension - 13-Nov-2018 13:36
Suven Life Sciences secures 2 overseas product patents - 13-Nov-2018 10:18
GAIL Gas signs MoU with Energy Efficiency Services - 13-Nov-2018 10:14
Lupin launches generic Atovaquone oral suspension in US - 12-Nov-2018 16:06
Zydus Cadila gets USFDAs nod for anti-fungal ointment - 12-Nov-2018 13:40
NHB sanctions Rs 35 bn refinance facility to PNB Housing Finance - 12-Nov-2018 13:17
BHEL commissions 120 MW Pulichintala hydro-electric project - 12-Nov-2018 12:55
Tata Consultancy Services partners with ENGIE Laborelec - 12-Nov-2018 12:52
Lupin gets establishment inspection report for Nagpur unit - 12-Nov-2018 09:56
GAIL fast tracks North East feeder gas pipeline project - 12-Nov-2018 09:43
Biocon's new generic facility in Bengaluru completes inspection - 12-Nov-2018 09:35
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer