11-May-18, ET Healthcare
After a marathon meeting, the Fortis board chose the Hero Enterprise-Burman Family offer as the preferred buyer for the India's second largest hospital chain. The board selected this offer after considering recommendations of an expert advisory committee it had set up last month to evaluate binding proposals.
Image: ET Healthcare
The joint bidders, Sunil Kant Munjal of Hero Enterprise and the Burman family of the Dabur group, have offered to invest a total of INR1,800 crore (USD266 mn) directly into Fortis Healthcare through shares and convertible warrants. The joint bidders could pick up a 16.80% stake in Fortis Healthcare as a result.