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Fortis to initiate fresh bidding process
Mumbai, May 29 (IANS) Fortis Healthcare’s (FHL) Board has decided to initiate a fresh round of bidding after the consortium of Hero Enterprise Investment Office-Burman Family Office gave its consent to reopen the bidding process.
According to a BSE filing made on Tuesday, the Board in its meeting on Tuesday “has decided to initiate a fresh, time-bound process to optimise the company’s and shareholders’ short and long term interests”.
“Further, based on the suitability of the offers evaluated earlier, the Board has decided to invite 3 of the bidders namely Munjal-Burman Consortium, TPG-Manipal Consortium, and IHH Healthcare Berhad to participate in the process, subject to their confirming adherence to the process… no later than 5 p.m. IST on 31st May 2018,” the filing said.
As per the filing, other interested parties will be able to submit their Expression of Interest (EOI) till this time.
The development comes a day after the Hero Enterprise Investment Office-Burman Family Office consortium gave its consent “to reopen the bidding process to enable the company to move ahead with the fund-raising transaction”.
The offer made by the consortium was selected for the sale of the healthcare major’s business on May 10.
On Monday, FHL said that it has received the consortium’s consent letter stating: “While we continue to be of the firm view that our offer is the best offer received by the company till date, we believe that this situation may have arisen largely on account of the lack of information available to the stakeholders.”
“… and keeping in mind the dilemma of the company, if any, we provide our consent for the company to reopen a bidding process in order to facilitate the company to expeditiously finalise and close its fund-raising so that the company’s business does not suffer any further, thus ensuring that the larger interest of the company are served,” said Sunil Kant Munjal and Anand C. Burman in a joint letter sent to the company.
Fortis’ board had received offers from suitors such as Hero Enterprise Investment Office-Burman Family Office, Fosun Health Holdings, Malaysia’s IHH Healthcare Berhad, Manipal Hospital Enterprises and Radiant Life Care for infusion of funds.
However, the company’s Board on May 10 decided to recommend the offer of the Munjal-Burman consortium for sale of its business to the shareholders for their approval.
The deal envisaged an infusion of Rs 800 crore via a “Preferential Allotment of Equity Shares at Rs 167 per share or as per SEBI ICDR guidelines whichever is higher…”.
It also encapsulates a “Preferential Issue of Warrants of Rs 1,000 crore at Rs 176 per share or as per SEBI ICDR guidelines whichever is higher.”
Since then, three of the company’s board members resigned and another one was ousted by the shareholders during a recently held Extraordinary General Meeting (EGM).
Following the EGM, new independent directors joined the company’s Board.
Besides, the consortium of Manipal Health Enterprises (MHEPL) and private equity (PE) firm TPG made a “modified” new offer which values the company at Rs 9,403 crore at a share price of Rs 180 per share.
In addition, Malaysia’s IHH Healthcare Berhad made an “Enhanced Revised Offer” to invest directly into the company at Rs 175 per share cost.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.