Malaysian-based IHH Healthcare and a consortium of Manipal Health Enterprises Private Limited and TPG Capital have submitted new binding offers for buying a stake in Fortis Healthcare.

“IHH wishes to announce that it has on 3 July 2018 issued a Binding Offer Letter to the board of Fortis setting out a binding offer, which supersedes and replaces the enhanced revised proposal. Legal obligations and agreement between IHH and Fortis will be created only after the board of Fortis approves the preferential allotment in terms of share subscription agreement to be executed between Fortis and IHH or the nominee,” a company announcement made by IHH on Malaysian Stock Exchange states.

In the event IHH does not receive any response from Fortis by no later than 5 pm on July 16, the binding offer shall be deemed withdrawn, it stated, but it did not comment on the size of the bid. In May earlier, IHH had offered to buy stake worth Rs 40 billion at Rs 175 per share in two stages.

While the initial deadline for submitting of bids was June 14 it was later deferred to June 28 and later again to July 3.

Meanwhile a consortium of Manipal Health Enterprises Private Limited and TPG Capital also submitted their bid but further details were not revealed. On May 14, Manipal Healthcare had offered to buy stake in Fortis worth Rs 21 billion.

The Burman Family Office and Hero Enterprise Investment office neither confirmed nor denied having submitted their bid. Their earlier Rs 18 billion offer was selected by earlier board, but later ran into trouble on counts of an internal investigation being instituted by Luthra and Luthra law office regarding the appointment of board of directors as well as alleged misappropriation of company funds through rollover of inter-corporate deposits.

Also there was no update on whether Radiant Life Care and KKR had submitted their revised offer yet.

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