Fortis Healthcare said it had appointed Arpwood Capital Pvt. Ltd. to advise the board on various sale bids.
The firm will act as financial adviser to the board to provide its independent opinion on the offers received or to be received from bidders.
Bidders have been vying for a potential significant equity investment of Fortis’s assets. The adviser is expected to advise on the appropriateness of the process put in place for dealing with the offers, the healthcare major said in a regulatory filing. Arpwood Capital is an investment banking firm engaged in providing advisory services for mergers, acquisitions and capital raising.
The Fortis Healthcare board is scheduled to meet on May 10 to take a decision on the binding bids for the company as recommended by the expert advisory committee (EAC).
