A lack of quality assets in healthcare in India also makes Fortis attractive, a source advising Fortis on the deal said, declining to be named.
Spelling out the details of their offer, the Munjals and Burmans in a joint letter said, "We are investing an amount of Rs 500 crore based on current business and financial position of the company without doing any due diligence". Hero Enterprise Investment Office and the Burman Family Office have made a binding offer to invest a total of ₹ 1,250 crore 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.
Brexit: 'People's Vote' campaign group launched
If the general public demand a Individuals's Vote, politicians will fall in line". He said: "The cost of war was everywhere and many never recovered from it".
In this regard, the company has confirmed that on 11/04/2018 the Board of Directors of the Company have received an unsolicited non-binding expression of interest from IHH Healthcare Berhad for possible due diligence and participation with the Company.
Fortis shares jumped as much as 4% on Thursday to reach 153.9 rupees - their highest level since March 27, when Manipal made its first offer public.
While the bidders are lining up, the Fortis saga has been on for a while.
The regulatory investigations, tightened credit, a lack of liquidity and a smaller board has "adversely impacted decision-making" at Fortis, IHH said in the letter, and asked Fortis to respond to its offer before April 18. If the approach is rejected by the Fortis board, IHH will consider taking its offer directly to the Indian company's shareholders, according to the people. Brothers Malvinder Singh and Shivinder Singh have resigned from the company and have lost control of their shareholding due to mounting debt.