INSUBCONTINENT EXCLUSIVE:
Fortis Healthcare advanced more than 3 per cent on Friday on reports that the hospital chain has approved binding investment offer from IHH
for equity infusion of Rs 4,000 crore.
This will be by way of preferential allotment at a price per share of Rs 170 per share.
The bid price
offers a premium of around 20 per cent to the current market price and 30 per cent to the unaffected price as on July 2
IHH will also launch an open offer of up to Rs 3,300 crore to acquire an additional 26 per cent at a price nor less than Rs 170 per share
Their proposal provides for refinance of debt to the extent of Rs 2,500 crore
Funds infused will be used for completion of acquisition of assets of RHT, SRL private equity minority shareholders and short term
liquidity needs.
According to Ravi Rajagopal, Chairman, Board of Directors, the board has announced its approval of the IHH binding proposal
In a release, he said: "The IHH proposal offers a more strategically and financially compelling proposition, along with simplicity and
The process was relaunched on May 29, 2018, and has been conducted in a fair, time-bound and transparent manner."
