According to FHL, IHH Healthcare Berhad has submitted a revised offer, whereas Hero Enterprise Investment Office and the Burman Family Office sent in their 'modified investment proposal'.
As per a BSE filing on Tuesday, the company said that its board has received a revised offer from IHH to invest directly into the company at Rs 175 per share cost.
"The subsequent equity infusion shall be at a per share price not exceeding Rs 175. For avoidance of doubt, this subsequent equity infusion will be subject to satisfactory completion of due diligence and execution of mutually acceptable binding definitive documents," IHH Healthcare Berhad's Managing Director and Group CEO Tan See Leng said in a letter to the Fortis board.
On April 24, IHH had made a binding offer, without the due diligence condition for an immediate investment of Rs 650 crore into the company "... by way of a preferential issue and allotment of equity shares at a price of Rs 160 per share for which IHH would be given the right to appoint two directors on board."
In another development the company's board received a "modified investment proposal" from Hero Enterprise Investment Office and Burman Family Office to invest Rs 1,800 crore directly into Fortis without any due diligence.
The revised offer entails an up front infusion of Rs 1,050 crore directly into Fortis.
"The remaining investment of INR 750 crores will be infused into the company over the next four months," the Hero Enterprise and Burman family office said in a statement.
On its part, FHL has delegated its "expert advisory committee" (EAC) to review all the binding proposals for fund infusion.
On April 28, the company said that its Board will meet on May 10 to consider the recommendations made by its EAC.
"The EAC will only consider evaluating all binding bids (whether the current or improvised or modified or new) received by the company till 12:00 noon, IST on May 1, 2018," the company said in a filing on April 28.
"In line with the obligations towards Manipal and TPG consortium, if any new or modified binding bids are received anytime till 12.00 noon on May 1, 2018; Manipal and TPG consortium have the ability to revise their offer till May 6, 2018."
The company's Board has received offers from suitors such as Hero Enterprise Investment Office and the Burman Family Office, Fosun Health Holdings, IHH Healthcare Berhad, Manipal Hospital Enterprises and Radiant Life Care for infusion of funds.
The healthcare major plans to hold on May 22 an Extra-ordinary General Meeting (EGM) of its shareholders to approve a proposal by a minority shareholder's group to induct and remove certain Board members.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
