The Board of Directors of Fortis Healthcare Limited will meet later this week to look at all eligible options related to offers made for its hospitals business and determine the future course of action, according to an official release.

“Last week, Fortis has received two binding offers: one is a revised offer from Manipal Hospital Enterprises Private Limited (MHEPL) and the second is a joint binding offer from Hero Enterprise Investment Office and Burman Family Office expressing interest in the company. In addition, the company has also received a non-binding expression of interest from IHH Healthcare Bhd,” the release circulated on Monday stated.

The release added that the Fortis Board will take a decision that is in the “best interests” of the company, employees and shareholders.

“The Board of Directors of FHL had approved the demerger of its hospitals business into MHEPL on the 27th of March 2018. The Board had also approved sale of its 20 per cent stake in SRL Limited to Manipal Hospitals on the same day, both being subject to shareholders and regulatory approvals,” the release stated.

MHEPL increased its offer to buy FHL’s hospital by about 21 per cent last week in response to opposition by minority shareholders who complained that the deal was undervalued. The new offer values Fortis’ hospital business at ₹6,061 crore or ₹155 per share.

A second offer was made by Sunil Munjal-owned Hero Enterprise Investment and the Burmans of Dabur India on Thursday who got together to bid for FHL offering ₹1,250 crore.

According to their offer, the allotment and pricing would be in accordance with SEBI guidelines for preferential shares or ₹156 per share, whichever is higher.

Malaysia’s IHH Healthcare Berhad then launched a counter bid for FHL making an initial offer of ₹160 per share subject to satisfactory completion of a limited due diligence.

Fortis, which is facing multiple probes, received a setback a few months back when the Delhi High Court ruled in favour of Japanese pharmaceutical company Daiichi Sankyo and allowed it to collect ₹3,500 crore from promoters Malvinder Singh and Shivinder Singh.

Funds to the tune of ₹473 crore, given by the company’s fully-owned subsidiary Fortis Hospitals Ltd as secured short-term investments to group firms of Malvinder Singh and Shivinder Singh, is also under the scanner.

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