Radiant Life revises Fortis bid, offers Rs 1,200 cr without due diligence for Mulund Hospital

Fortis Healthcare | Aberdeen Standard Investments (Asia) Ltd increased stake in company to 5.02 percent from 4.96 percent earlier via open market purchases.

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26 Aug, 2025 12:21

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Fortis Healthcare has received a revised unsolicited non-binding offer from Radiant Life Care, the company said in a release to the exchange today. KKR-backed Radiant has also made a binding offer to purchase Fortis’ Mulund Hospital without due diligence for Rs 1,200 crore.

“The transaction will provide immediate liquidity of Rs 680 crore (including proceeds from Fortis’ 30.04 percent stake in Religare Healthcare Trust, as we believe RHT would divest Fortis Mulund assets at the appraisal value of Rs 683 crore),” the release quoted the revised offer document.

The revised offer comes just after Malaysia’s IHH Healthcare earlier Tuesday sweetened its bid by making a binding proposal to invest Rs 650 crore in the company upfront through a preferential issue without seeking due diligence. If the proposal is accepted, IHH will get two seats on the board of Fortis.

In a binding proposal, the the bidder is legally obligated to comply with the terms and conditions of the offer, if it is accepted.

Radiant’s earlier offer had valued Fortis at Rs 165 per share, making it the highest bidder.

Radiant had also proposed demerger of hospital business from Fortis to a new entity, leaving the latter with diagnostics business SRL. Radiant valued Fortis hospital business at Rs 126 per share and said it will separately purchase SRL valuing the business at Rs 3,600 crore or Rs 39 per share.

Fortis has received five bids in all — from Manipal-TPG (which valued it at Rs 155 per share), Munjal-Burmans (at Rs 160 per share), IHH Healthcare (Rs 160 per share), Fosun (Rs 156 per share) and Radiant Life Care (Rs 165 per share).

Only two offers, those of Manipal-TPG and Munjal-Burmans, are binding.

Fortis Board appointed a three member committee headed by Deepak Kapoor, former Chairman of PWC India to evaluate binding offers and recommend the best offer to the board which is meeting on April 26.