Commenting on the implementation agreement FHL has got into with MHEL and TPG Capital, IHH noted that the transaction involved various complex steps over a prolonged period.
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"As part of the proposal, IHH will work with the board and the management of the company to identify optimal financing solutions to enable the company to fulfil its commitments during the challenging phase and stay afloat", the proposal said.
Fortis has also received an investment offer worth 12.5 billion rupees ($191.5 million) from India's Hero Enterprise Investment Office and the Burman Family Office - private investment arm of the family that owns consumer goods firm Dabur India, the company had said on Thursday.
In a joint statement Munjals and Burmans said, "We are investing an amount of Rs 500 crores, based on the current business and financial position of the company reflected in the Company's various public filings, and taking into account information in the public domain, without doing any due diligence".
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Utilisation of proceeds from this funding shall only be for the purposes of payment of employee dues, repayment of loans which have matured and payment of pressing creditors and to monitor these, a board seat shall be given to investors, it added. The proposal, which is subject to certain conditions, includes an immediate investment of 5 billion rupees and 7.5 billion rupees after diligence is completed within three weeks. The revised offer valued Fortis' hospital business at Rs 6,061 crore, or Rs 116 per share, up nearly 21% from the previous offer.
Manipal's controlling shareholder Ranjan Pai said in an interview Wednesday the reason he was not buying Fortis outright was because of the potential liabilities posed by the investigations.
It has asked the Fortis board for some time to update its due diligence before making a formal bid, the people said.
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I've never been able to retain the title and want to see if this team has got it to carry on and be even more successful". He also conceded it was sweet to triumph in a country where some critics claimed his purist principles couldn't flourish.
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