Fortis Healthcare Rises After Manipal Health Revises Deal
Shares of the Delhi-based hospital chain operator rose as much as 3.89 percent to Rs 152.30 after Manipal Heath Enterprises revised its offer to buy Fortis Healthcare’s hospital business after consulting with shareholders who expressed dissatisfaction with the earlier offer.
What’s Changed?
📌 “More favourable” swap ratio – Manipal Health revises Fortis Healthcare’s hospital business valuation by 21 percent, from Rs 96.5 per share to Rs 116.90 per share
📌 Manipal Health and TPG will not invest an additional Rs 3,900 crore in the merged entity Manipal Hospitals. Instead the merged company will do a rights issue of up to Rs 4,000 crore in which all shareholders can participate
📌 SRL Diagnostics to remain a subsidiary of Fortis and may be merged into it on a later date thereby listing the diagnostics business separately
