on Tuesday said it proposed to offer an upward revision of Rs 10.58 billion to Fortis
Healthcare shareholders, over and above the existing Rs 50.03 billion valuation.
“We continue to believe in the compelling prospects from the combination of the hospital business
of Manipal and Fortis,” said Ranjan Pai, chairman, Manipal Education and Medical Group. “We hope our revised offer addresses the concerns raised by certain Fortis
While earlier there was no proposal for a rights issue, MHEPL said it would look to bring a rights issue of Rs 40 billion for all shareholders after completion of the merger.
Also, the earlier plan to infuse Rs 39 billion into the merged hospital entity has been shelved by TPG
MHEPL has also offered not to acquire nearly 51 per cent of SRL Diagnostics, Fortis
Healthcare’s diagnostic business. Under the earlier transaction, MHEPL was to acquire the 20 per cent shares held by Fortis
and remainder from private equity investors. Under the proposed offer Ranjan Pai plans to acquire 30 per cent held by private equity investors. It is also proposed to merge Fortis
Healthcare and SRL Diagnostics.