IHH raises Fortis bid with $130 mil equity injection & subsequent infusion of up to $667 mil

SINGAPORE (Apr 25): IHH Healthcare is upping is bid for a stake in Indian healthcare provider Fortis Healthcare with a revised proposal that includes, among others, an immediate primary equity injection of 650 crore rupees ($130 million) by way of issuing and allotting equity at INR160 ($3.18) per share.

Based on the details of IHH’s filing on Tuesday, the binding proposal was made without any due diligence, and will give IHH the right to appoint two directors to the board of Fortis.

IHH’s proposed equity injection is subject to Fortis’ confirmation that it will be given immediate access to carry out due diligence to evaluate its equity infusion, as well as a receipt of approval from Fortis’s shareholders along with other regulatory approvals.

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