The Board of Fortis Healthcare has recommended the binding offer made by the Hero Enterprise—Burman Family Office duo to acquire a stake in the hospital chain for the approval of shareholders of the company.

The deal will infuse ₹ 800 crore via a preferential allotment of equity shares at ₹ 167 per share or as per SEBI ICDR guidelines whichever is higher and a preferential Issue of warrants of ₹ 1,000 crore at ₹ 176 per share or as per SEBI ICDR guidelines whichever is higher, according to an official release circulated late Thursday evening.

“The Board of Directors of Fortis Healthcare Limited has decided by majority to recommend the binding offer of the Hero and Munjal consortium….. The Board considered the views of the independent Expert Advisory Committee, financial and legal advisors, and following extensive discussions arrived at this decision. The recommendation of the Board would be placed before the shareholders for their approval,” the release stated.

The Board meeting went on for several hours as four binding bids were examined in details.

The other suitors in the race whose binding bids were considered by the EAC and the Board included the Manipal-TPG consortium, Malaysia’s IHH Berhad and KKR-backed Radiant Life Care.

The EAC comprised Deepak Kapoor, Former Chairman of PWC (India) and Lalit Bhasin, Chairman of the Indian Society of Law Firms. Standard Chartered Bank and Arpwood Capital are the financial advisers guiding the Board while Cyril Amarchand Mangaldas is the legal adviser.

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