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TPG-Manipal Health Enterprises have revised their earlier offer for Fortis Healthcare to ₹180 a share.
Under the modified new offer, Manipal Health Enterprises has valued Fortis Healthcare’s business at ₹9,403 crore, according to a statement to the exchanges. Manipal Health Enterprises wishes to merge with Fortis Healthcare to create the country’s largest healthcare company.
In valuation terms, MHL’s offer is higher than the one made by the Hero Enterprise Investment Office-Burman Family office to FHL’s shareholders. Hero-Burman had offered to infuse ₹800 crore via a preferential allotment of equity share valued at ₹167 a scrip. There was also to be a preferential issue of warrants worth ₹1,000 crore at ₹176 a share.
The Fortis board had approved the Hero-Burman offer and a final decision was to be taken by the company’s shareholders on May 22.
MHL said that the new offer shall remain valid for acceptance by the FHL board till May 29.
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