Deals
Indian Tycoons Offer to Invest $192 Million in Fortis Health
- Race for Fortis intensifies after TPG-backed bid, one from IHH
- Tycoons offer to invest through preferential share allotment
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Fortis Healthcare Ltd. said it has received a joint investment proposal from two Indian business families, intensifying a race to gain control of the country’s second-largest private hospital chain.
Hero Enterprise Investment Office and the Burman Family Office have made a binding offer to invest a total of 12.5 billion rupees ($192 million) through a preferential share allotment at at least 156 rupees a share, according to a Fortis exchange filing on Thursday. The proposal, which is subject to certain conditions, includes an immediate investment of 5 billion rupees and 7.5 billion rupees after diligence is completed within three weeks.