NEW DELHI: Sunil Munjal of Hero Enterprise and the Burman family have agreed to reopen the bidding process for Fortis Healthcare. Munjal-Burman’s bid to invest in Fortis was recommended by the company’s board over competing offers from Manipal Hospitals-TPG, IHH Healthcare and others.A fresh bidding process to select an investor for Fortis Healthcare will start, following restructuring of the Fortis Board in the extraordinary general meeting (EGM) of shareholders held on May 22, sources said. The four directors, who have recommended Munjal-Burman family’s offer to shareholders on May 10, have quit the board.
A senior official of the company said Fortis, in its forthcoming board meeting on May 30, may take a view on restarting the bidding process to select an investor.
The largest shareholder Yes bank, which owns 15% stake, asked the board to consider fresh bids received by the board after it decided in favour of Munjal-Burman family offer. On May 14, Manipal-TPG consortium revised its bid to invest Rs 2,100 crore though subscription of preferential shares at Rs 180 per share.