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
19 September, 2018 12:52 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
Glenmark Pharma inducted into DJSI Emerging Market 2018 - 19-Sep-2018 12:09
TVS Motor Company strengthens its presence in Mexico - 19-Sep-2018 11:56
Himachal Futuristic Communications bags order worth Rs 6.11 bn - 19-Sep-2018 11:52
Tata Steel completes acquisition of Creative Port Development - 19-Sep-2018 11:48
SABIC acquires 24.99% stake in Clariant globally - 19-Sep-2018 11:45
Tata Power launches its VoiceBOT TINA - 19-Sep-2018 11:42
Sun Pharma gets European Commission nod for ILUMETRI - 18-Sep-2018 17:02
Indian Hume Pipe receives LoA for order worth Rs 2.21 bn - 18-Sep-2018 16:58
Tata iQ selects TCS Jile to Drive Agile Transformation - 18-Sep-2018 16:48
Strides Pharma Science completes inspection for product pre-approval - 18-Sep-2018 16:39
Government to merge Dena Bank, Vijaya Bank, Bank of Baroda - 18-Sep-2018 15:33
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