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    HomeNewsBusinessHad to take 'more risky' approach in bid for Fortis: Manipal CEO Ranjan Pai

    Had to take 'more risky' approach in bid for Fortis: Manipal CEO Ranjan Pai

    Manipal on Sunday sweetened its bid for Fortis, offering to inject 21 billion rupees ($312.8 million) to help the ailing hospital operator meet its immediate cash needs, a move that Pai said was risky because Fortis is embroiled in a regulatory probe, which is clouding its prospects.

    Reuters
    May 07, 2018 / 16:15 IST
    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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      India's privately-held Manipal Hospitals had to take a "more risky" approach to buy domestic rival Fortis Healthcare Ltd, Manipal's Chief Executive Ranjan Pai told Reuters, because he did not want to lose out to other suitors.

      Manipal on Sunday sweetened its bid for Fortis, offering to inject 21 billion rupees ($312.8 million) to help the ailing hospital operator meet its immediate cash needs, a move that Pai said was risky because Fortis is embroiled in a regulatory probe, which is clouding its prospects.

      Manipal and its consortium partner TPG Capital are offering 160 rupees per share to buy Fortis, valuing the company at 83.58 billion rupees ($1.24 billion).

      Reuters
      first published: May 7, 2018 04:08 pm

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