IHH's valuation tops the other two offers that Fortis got from Manipal-TPG consortium and a joint bid from Munjal (Hero) and the Burmans (Dabur).
Fortis Healthcare received an unsolicited non-binding expression of interest from Malaysia-based IHH Healthcare that offered a price of up to Rs 160 per share.
Meanwhile, on Thursday it had received an unsolicited binding offer jointly from Sunil Munjal of Hero and Burmans of Dabur to invest Rs 1,250 crore directly into the company through a preferential allotment.
Of the Rs 1,250 crore - Munjal and Burmans have offered to invest Rs 500 crore immediately, and Rs 750 crore post due diligence to be completed within three weeks.
IHH's valuation tops the other two offers that Fortis got from Manipal-TPG consortium and a joint bid from Munjal (Hero) and the Burmans (Dabur).
Munjal and Burmans have sought one board seat to the investors to monitor the above transaction.
While the bidders are lining up, the Fortis saga has been on for a while. To know all about Fortis, listen in to the podcast...