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Shares of Fortis Healthcare Ltd fell as much as 3.2 per cent to Rs 148, their biggest intraday percentage fall in nearly four weeks.
The Fortis Healthcare board 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 company shareholders.
The deal will infuse ₹ 800 crore via 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.
Others in the takeover battle included Malaysia's IHH Healthcare, a consortium of Manipal Hospitals and TPG Capital, Radiant Life Care, backed by KKR & Co, and China's Fosun International.
In pre-open trade, Fortis stock rose as much as 2.7 per cent. The stock has lost 4.7 per cent this year as of Thursday's close, while peer Apollo Hospital Enterprises Ltd shed about 15 per cent during the same period.
(With inputs from Reuters)
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