Fortis’s doors to be open for bids till May 1

The board of Fortis Healthcare has decided to consider all binding bids — current, modified or new — that are received till noon on May 1.

The decision was taken after a long meeting, according to sources.

In line with Fortis’s obligations towards Manipal and TPG consortium, if any new or modified binding bids were received any time till noon on May 1, the board decided to give the consortium a chance to revise its offer till May 6.

The board would meet on May 10 to consider the recommendations of the two-member expert advisory committee comprising Deepak Kapoor and Lalit Bhasin. In addition, the board had instructed the management to appoint a second independent financial advisor to assist and advise the board with respect to the bids for the company.

EGM on May 22

The board had also decided to hold an extra-ordinary general meeting on May 22 at Delhi to consider the resolutions proposed by National Westminster Bank Plc as trustee of Jupiter India Fund (as represented by Jupiter Asset Management Limited as duly authorised investment manager), East Bridge Capital Master Fund Ltd. and East Bridge Capital Master Fund I Ltd., the shareholders of company.

The board had also approved the appointment of three nominees of the minority shareholders to the board. The board committees were also appropriately recast, a BSE filing said.