The board of Fortis Healthcare met on Thursday and approved the formation of an independent panel to consider all proposals that have come for acquiring a stake in the company.
Four firms - Manipal Hospitals and TPG consortium, IHH Healthcare Berhad, Fosun Health Holdings Limited of China and Hero Enterprise Investment Office-Burman Family Office combine - have bid for a stake in the company.
Hero Enterprise Investment Office and Burman Family Office had increased its offer to ₹ 1,500 crore from₹ 1250 crore in the firm. IHH Healtcare Berhad had said it would invest ₹ 4,000 crore in the firm. These two have modified their proposal just ahead of the board meeting. Fosun has committed to invest $350 million. Manipal Hospitals Enterprises Pvt. Ltd. and TPG have sweetened its offer at ₹155 per share.
“The committee is requested to provide a report of its recommendation to the board by April 26, 2018, and will be chaired by Deepak Kapoor, former chairman and CEO of Price Waterhouse Coopers, India,” the company said in an announcement to stock exchanges.
``The board is scheduled to meet on April 26, 2018 to decide the further course of action,’’ it added. Standard Chartered Bank, the company’s financial advisor has been directed to assist the expert advisory committee and the board.
Rohit Bhasin is additional director (independent)
In the meanwhile, the board has appointed Rohit Bhasin as an additional director (independent) of the company with immediate effect for a period of five years, subject to shareholder approval.
Separately, the board also took note of the requisition made by National Westminster Bank Plc as Trustee of Jupiter India Fund (as represented by Jupiter Asset Management Limited as duly authorized investment manager), East Bridge Capital Master Fund Ltd. and East Bridge Capital Master Fund I Ltd., shareholders of company holding an aggregate of 12.04% of the paid-up capital of the company, for an extra-ordinary general meeting (EGM) of the company. They have also sought appointment of three fresh independed directors and removal of four directors.
These shareholders have sought the appointment of Suvalaxmi Chakraborty, Ravi Rajagopal and Indrajit Banerjee as independent directors of the company and demanded the removal of Brian W. Tempest, Harpal Singh, Sabina Vaisoha and Tejinder Singh Shergill from directorship of the company.
The board has directed the management to organise the EGM at the earliest possible post the completion of all administrative formalities.
