{"id":85466,"date":"2018-07-11T13:56:41","date_gmt":"2018-07-11T13:56:41","guid":{"rendered":"http:\/\/www.bnreport.com\/fortis-board-to-meet-on-friday-to-consider-fund-raising\/"},"modified":"2018-07-11T13:56:41","modified_gmt":"2018-07-11T13:56:41","slug":"fortis-board-to-meet-on-friday-to-consider-fund-raising","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/fortis-board-to-meet-on-friday-to-consider-fund-raising\/","title":{"rendered":"Fortis board to meet on Friday to consider fund raising"},"content":{"rendered":"

NEW DELHI: Cash-strapped Fortis Healthcare, which is in the process of finding a new investor, today said its board will meet on July 13 to consider raising funds through issue of securities on a preferential allotment basis. <\/p>\n

The company had received binding bids from Malaysia's IHH Healthcare and Manipal-TPG combine on July 3, the last day of submission of fresh round of bids called by a newly constituted board. <\/p>\n

Munjals-Burmans combine, which had earlier emerged as the preferred suitor for Fortis Healthcare, and Radiant Life Care, however, had backed out. <\/p>\n

In a regulatory filing today, the company said its board would meet in July 13 "to consider, and if thought fit approve raising funds through issue of securities on a preferential allotment basis". <\/p>\n

It, however, did not disclose details of the quantum of funds to be raised. <\/p>\n

For months, the troubled healthcare chain has been trying to find a new investor, and on two separate instances it had accepted offers from Manipal-TPG combine and Munjals-Burmans combine only to scrap it and go in for fresh bidding. <\/p>\n

As per the new criteria, that was put up by the company's board on May 29, the potential buyer had to make a minimum investment of Rs 1,500 crore into Fortis Healthcare by way of preferential allotment. <\/p>\n

Apart from having a plan for funding the acquisition of RHT Health Trust (RHT), suitors should also have a plan for providing exit to private equity<\/a> investors of diagnostic arm SRL. <\/p>\n

The backing out of Munjals-Burmans combine and Radiant Life happened days after Fortis Healthcare announced that it has initiated legal action to recover about Rs 500 crore of funds given as inter-corporate deposits to the firms controlled by former promoters Malvinder and Shivinder Singh. <\/p>\n

The loans were given without board approval and enough collaterals. <\/p>\n

The company had also stated that market regulator Sebi has ordered a forensic probe into the company's matters. <\/p>\n

On May 22, the company's shareholders voted out Brian Tempest from the board of directors in an extraordinary general meeting (EGM). <\/p>\n

He was among four directors of the company whose removals were sought by two institutional investors. <\/p>\n

Three directors \u2013 Harpal Singh, Sabina Vaisoha and Tejinder Singh Shergill- had resigned before the EGM. <\/p>\n

On the other hand the shareholders had voted in favour of appointments of Suvalaxmi Chakraborty, Ravi Rajagopal and lndrajit Banerjee as independent directors on the board. <\/p>\n

The reconstituted board then called for fresh bidding after getting consent from the Munjals-Burmans combine, whose bid for investing Rs 1,800 crore was approved by the earlier board, to enable the company to move ahead with the fund-raising transaction. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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