GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Fortis Board to Meet on May 10 to Evaluate Bids, Calls for EGM

The company's Board has received offers from suitors such as Hero Enterprise Investment Office and the Burman Family Office, Fosun Health Holdings, IHH Healthcare Berhad, Manipal Hospital Enterprises and Radiant Life Care for infusion of funds.

IANS

Updated:April 28, 2018, 8:10 PM IST
facebookTwittergoogleskypewhatsapp
Fortis Board to Meet on May 10 to Evaluate Bids, Calls for EGM
Image for representation. (File photo)
Mumbai: Fortis Healthcare on Saturday said that its Board will meet on May 10 to consider the recommendations made by its "expert advisory committee" (EAC) which has been set-up to evaluate all binding proposals for fund infusion.

As per a regulatory filing, the company informed the stock exchanges that its EAC will now consist of two members "who have already been appointed to the EAC viz. Mr. Deepak Kapoor and Mr. Lalit Bhasin".

Earlier, Renuka Ramnath who is a former MD and CEO of ICICI Ventures, had resigned from the EAC.

"The EAC will only consider evaluating all binding bids (whether the current or improvised or modified or new) received by the company till 12:00 noon, IST on May 1, 2018," the filing said.

"In line with the obligations towards Manipal and TPG consortium, if any new or modified binding bids are received anytime till 12.00 noon on May 1, 2018; Manipal and TPG consortium have the ability to revise their offer till May 6, 2018."

The regulatory filing further said that the company's Board has "instructed the management to appoint a second independent financial advisor to assist and advise the board with respect to the bids".

The company's Board has received offers from suitors such as Hero Enterprise Investment Office and the Burman Family Office, Fosun Health Holdings, IHH Healthcare Berhad, Manipal Hospital Enterprises and Radiant Life Care for infusion of funds.

Besides, Fortis Healthcare on Saturday said that its Board has approved appointments of Suvalaxmi Chakraborty, Ravi Rajagopal and Indrajit Banerjee as Additional Directors (Independent Category) with immediate effect.

The recommendation was made by a group of shareholders including National Westminster Bank Plc as Trustee of Jupiter India Fund, East Bridge Capital Master Fund Ltd. and East Bridge Capital Master Fund I Ltd.

In addition, the healthcare major disclosed its plans to hold on May 22 an Extra-ordinary General Meeting (EGM) of its shareholders to approve a proposal by a minority shareholder's group to induct and remove certain Board members.

Also Watch

| Edited by: Bijaya Das
Read full article
Most Active
Company Price Change %Gain
Reliance 920.80 +4.95 +0.54
Vedanta 251.80 +1.20 +0.48
TCS 3,585.80 -17.90 -0.50
United Spirits 3,250.30 +131.15 +4.20
SBI 266.95 -1.55 -0.58
Company Price Change %Gain
HDFC 1,820.00 +13.95 +0.77
Just Dial 507.40 +42.55 +9.15
Avenue Supermar 1,497.45 +93.25 +6.64
PC Jeweller 192.45 +4.40 +2.34
United Spirits 3,251.00 +128.95 +4.13
Top Gainers
Company Price Change %Gain
Indiabulls Hsg 1,172.10 +60.30 +5.42
Hindalco 245.50 +11.40 +4.87
IOC 163.45 +7.55 +4.84
ONGC 175.45 +7.75 +4.62
HPCL 295.20 +11.95 +4.22
Company Price Change %Gain
ONGC 175.35 +7.70 +4.59
Tata Steel 567.20 +18.80 +3.43
Yes Bank 339.45 +8.95 +2.71
Adani Ports 379.90 +8.70 +2.34
IndusInd Bank 1,914.75 +43.55 +2.33
Top Losers
Company Price Change %Gain
Coal India 275.60 -4.50 -1.61
Tech Mahindra 702.75 -8.60 -1.21
Bharti Infratel 314.85 -3.50 -1.10
ITC 272.30 -2.55 -0.93
ICICI Bank 295.65 -2.05 -0.69
Company Price Change %Gain
Coal India 276.05 -3.80 -1.36
ITC 271.95 -2.85 -1.04
SBI 267.00 -1.50 -0.56
TCS 3,589.45 -15.35 -0.43
ICICI Bank 296.50 -0.75 -0.25