21April2018

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Munjals and Burmans make joint proposal to acquire Fortis

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 DTMT NETWORK
Munjal of Hero Group and Burman of Dabur propose to invest Rupees 1250 crore directly into Fortis Healthcare out of which Rs 500 crore would be upfront.

Even as Fortis Healthcare sold its hospitals business to Manipal Hospitals in March 2018, now Sunil Munjal-led Hero Enterprises and Burmans of Dabur have jointly offered to acquire India’s second largest hospital chain.

It is reported that an unsolicited binding offer has jointly been given to Forits Healthcare to invest Rs 1,250 crore directly into the company through a preferential allotment.

Of the Rs 1,250, they have offered to invest Rs 500 crore immediately, and Rs 750 crore post due diligence to be completed within three weeks.

Fortis has said that it will evaluate the proposal.

Munjals and Burmans already own three per cent in Fortis Healthcare network rendered without a promoter after Shivinder and Malvinder Singh quit the board in February 2018.

Munjal has said that their proposal of acquiring Fortis Healthcare is in the best interest of the company. He said that all those connected with Fortis Healthcare, including shareholders, doctors, paramedical and non-paramedical staff, and suppliers will benefit from it.

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