IHH raises Fortis offer to Rs175 per share

Mumbai: In what could potentially reinvigorate the bidding process for Fortis assets sale, Malaysia’s IHH Healthcare Bhd. on Tuesday revised its offer to Rs175 per share from its earlier offer of Rs160 per share, which it made on 24 April.

Bidding for Fortis, as per new timeline, closes on Tuesday. It remains to be seen if any of the other bidders—group led by Sunil Munjal, China’s Fosun or TPG-Manipal—revise their offers. To be sure, TPG-Manipal have an exclusive right to revise their offer five days after bids end.

“Company today i.e. May 1, 2018, has received an Enhanced Revised Proposal, as attached herewith, from IHH to invest directly into the Company at a per share price of INR 175,” Fortis said in an BSE filing.

IHH Healthcare had earlier made a binding offer of Rs650 crore for immediate infusion into the stricken hospital operator. The Malaysian company had also offered to invest an additional Rs3,350 crore in Fortis, subject to satisfactory completion of due diligence.