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Manipal Hospital Enterprises Pvt Ltd has submitted a revised offer to Fortis Healthcare Ltd (FHL), under which the latter’s hospital business is valued at ₹6,061 crore (₹116 per share). This represents an upward revision of approximately 21 per cent on the equity valuation under the previous offer. The Manipal Education and Medical Group (MEMG) will separately purchase a 30.9 per cent stake of SRL Diagnostics from existing private equity investors, and will take on board and management control of the business. After the completion of the demerger of the hospital business of Fortis into Manipal Hospitals, MEMG will work with FHL to enable the merger of SRL into Fortis Healthcare. A rights issue of ₹4,000 crore will also be initiated following the demerger to support the proposed acquisition of hospital assets owned by RHT Health Trust.
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Manipal Hospitals buys Fortis hospitals biz
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