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Shares of Fortis Healthcare hit over 1-1/2-month high as the bidding war has gathered pace. The stock jumped as much as 5.3 per cent to Rs 160.50, its highest since March 16.
Two of the five suitors have raised their bids to invest in the cash-strapped company. Malaysia's IHH Healthcare Bhd has lifted its offer by 9.4 per cent to Rs 175 a share. Hero-Burman group has raised the offer to Rs 1,800 crore ($269.7 million) from Rs 1,500 crore, via share and warrant subscription.
“Most likely Manipal (Healthcare Enterprises) will also raise their bid. I feel it is the beginning of the bidding battle,” an analyst with a domestic brokerage said, adding that Fortis stock has been placed under review.
The stock has posted biggest intraday percentage gain in nearly a month; it was down 5 per cent this year as of April 30. Nine of 10 brokerages have rated the stock as “buy” or higher, 1 ”hold”; their median price target is Rs 180, according to Thomson Reuters data.
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