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Fortis: Gains Nearly 2% on KKR Backed Radiant Life’s Binding

The company has received a binding offer from Radiant Life Care, Fortis Healthcare (FHL) said in a regulatory filing.

Fortis Healthcare share price gained 1.6 percent intraday Wednesday after KKR-backed Radiant Life Care made a revised bid for company with a binding offer to acquire its Mulund hospital for an enterprise value of Rs 1,200 crore.

This is the second revised offer received by Fortis on Tuesday after Malaysian major IHH Healthcare made a binding offer to infuse Rs 650 crore immediately in the Indian firm as part of an overall proposal to invest Rs 4,000 crore.

The company has received a binding offer from Radiant Life Care, Fortis Healthcare (FHL) said in a regulatory filing.

“In order to provide immediate liquidity to FHL, we would like to make a binding offer to purchase Fortis Mulund hospital without due diligence and as a going concern at an enterprise value of Rs 1,200 crore as the first step,” Radiant said in its revised offer to FHL.

The transaction would provide an immediate liquidity of Rs 680 crore to FHL, Radiant said.

The KKR-backed firm had earlier offered to acquire at least 26 percent stake in FHL at Rs 126 per share, excluding its diagnostic business SRL.

The company also proposed a demerger of hospitals business of FHL into a new company, excluding FHL’s stake in SRL.

The revised offers have come two days ahead of a meeting of Fortis Healthcare Ltd (FHL) board to consider recommendation by an expert advisory panel formed to finalise evaluation process of only binding offers.

Manipal-TPG combine and Munjals and Burmans were the only two groups that had made binding offers out of total of five suitors in race.

Chinese firm Fosun Health Holdings and KKR-backed Radiant Life Care had also made non-binding expression of interests in FHL.

At 11:36 hours IST, the stock price was quoting at Rs 152.00, up Rs 0.45, or 0.30 percent on the BSE.

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