Fortis Healthcare shareholders seek EGM to remove existing board members

Fortis Healthcare shareholders seek EGM to remove existing board members

In a statement it said that the board of Fortis had acknowledged the receipt of its letter of offer."It (Fortis board) has indicated that it is scheduled to meet on April 19 to consider all options, " IHH said. IHH has said that it is ready to infuse up to Rs4,000cr through a preferential allotment of equity shares at a price not exceeding Rs160 per share.

All of the above factors will be important to Fortis' future in the event of a "face off" type situation, say if IHH launches a hostile offer for Fortis despite being turned down by the board.

"Our upfront investment into the company will be Rs 750 crore".

The group said the infusion is meant to fund the buyout of the assets from RHT Health Trust as well as provide immediate liquidity towards working capital and infrastructure upgrades.

The revised binding offer from Hero Enterprise and the Burmans entail an investment of Rs 1,500 crore in Fortis, up from Rs 1,250 crore proposed earlier, Fortis said in a separate stock-exchange filing.

"We seek two board seats, given the sizeable investment, and to generally act in the interest of stakeholders", it added.

As per the offer plan put forward by Manipal-TPG plan Fortis will de-merge its hospital business into Manipal Hospitals and create a combined hospital business that will be a publicly traded company listed on stock exchanges.

China's Fosun had committed to invest $350 million, HH Healthcare Berhad offered to buy the company at ₹160 per share and Manipal Hospitals Enterprises Pvt.

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The minority shareholders, who together hold 12.04 per cent stake in Fortis Healthcare, are also seeking the appointment of Suvalaxmi Chakraborty, Ravi Rajagopal and Indrajit Banerjee as independent directors.

It seems like a Tarantino film where the different contenders have a shoot-out at the end, says a healthcare observer on the Fortis Hospitals imborglio.

Hero Enterprise is led by chairman Sunil Munjal, part of the family that runs Hero MotoCorp Ltd, India's biggest two-wheeler maker. National Westminster Bank Plc, as trustee of Jupiter India Fund, East Bridge Capital Master Fund Ltd and East Bridge Capital Master Fund I Ltd, sent the notice.

IHH Healthcare is fiercely competing with "bidders" trying to lure India's second largest hospital chain.

Ranjan Pai-led Manipal Hospitals backed by United States private equity investor TPG has submitted a revised bid that valued Fortis at Rs 155 per share, a 21 percent higher than the earlier bid that was scorned by investors.

But will Manipal-TPG, the first off the block with a comprehensive plan for Fortis get involved in a bidding race to the finish?

Fortis Healthcare Ltd said on Thursday it has received an unsolicited binding.



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