Shares of Fortis Healthcare gained over 4 percent intraday and is currently trading a little over a percent higher.
The stock touched an intraday high of Rs 150.00 and an intraday low of Rs 143.00.
The board of Fortis Healthcare on Tuesday mutually terminated Munjal-Burman's offer and decided to call for fresh bids for sale of the company.
The board invited interested parties to submit fresh expression of interest (EOI) by May 31. Based on the EOI submitted, the Board will shortlist the bidders on June 1.
The board also decided to invite original three bidders, namely Munjal-Burman Consortium, TPG-Manipal Consortium, and IHH Healthcare to participate in the process.
Bidders will then be provided 10 days for financial and legal due diligence and an opportunity to interact with the management and advisors who have conducted vendor due diligence.
As part of the due diligence, Fortis will give access to data room comprising information related finances, litigation and update on pending investigation.
The stock has lost around 4 percent in the past one month, while its three-day gain is a little over half a percent. At 12:08 hrs Fortis Healthcare was quoting at Rs 145.80, up Rs 1.95, or 1.36 percent, on the BSE.
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