Recently the Fortis Board had decided that a fresh, time-bound process would be initiated in view of the small and long-term interests of the company and shareholders.
Fortis Healthcare Limited (FHL) has selected four companies to sell its business. In the information given to the stock exchange, the company said that the deadline for the latest bidding process ended on May 31. Out of the tenders submitted to that date, the Board of Directors of the company has selected Munjal-Barman Family (United), Manipal-TPG Consortium, Malaysia’s IHH Healthcare Barhad and Radiant Life Care as the final bidder.
Earlier this week, the board of directors of the company had earlier rejected the accepted bid imposed by Hero Group of the Hero Group and the Burman Family Office of Dabur Group. In view of this, the Munjal-Burman family was angry over the whole incident and allowed the company to proceed with the bidding process. After that, the company started timely bidding for the sale of its properties. Under the process, the board of directors of the company urged the bidding companies to bid again in the first phase.
Recently the Fortis Board had decided that a fresh, time-bound process would be initiated in view of the small and long-term interests of the company and shareholders. This information came out through regulatory filings. Fortis Healthcare Limited had said in its regulatory filing, “The offer submitted by the Munjal and Burman Alliance on May 10 has been abolished.”
BY:- Abhay kushwaha