Fortis Healthcare accepts investment offer from Hero, Burman

Fortis Healthcare accepts investment offer from Hero, Burman

(Reuters) - India's Fortis Healthcare Ltd said on Thursday its board has accepted an offer from Hero Enterprise Investment Office and the Burman Family Office to invest in the cash-strapped hospital chain.

The group offered to invest 8 billion rupees ($119 million) in Fortis' hospitals business at a price of 167 rupees per share.

The recommendation by Fortis' board would be sent to shareholders for approval, Fortis said.

Hero Enterprise is an investment company formed by Sunil Munjal, founder of India's largest motorcycle maker Hero Group.

The Burman Family Office is the private investment arm of the family that owns consumer goods company Dabur India.

($1 = 67.2400 Indian rupees)

(Reporting by Rama Venkat Raman in Bengaluru; Editing by Sai Sachin Ravikumar)

This story has not been edited by Firstpost staff and is generated by auto-feed.


Updated Date: May 11, 2018 00:07 AM

Also Watch

IPL 2018: Royal Challengers Bangalore eye revival against Chennai Super Kings as 'Cauvery Derby' comes back to life
  • Thursday, April 26, 2018 In the Kanjarbhat community, a campaign against 'virginity tests' is slowly gaining ground
  • Tuesday, April 24, 2018 It's A Wrap: Beyond the Clouds stars Ishaan Khatter, Malavika Mohanan in conversation with Parul Sharma
  • Monday, April 9, 2018 48 hours with Huawei P20 Pro: Triple camera offering is set to redefine smartphone imaging
  • Monday, April 16, 2018 Rajyavardhan Singh Rathore interview: Sports can't be anyone's fiefdom, we need an ecosystem to nurture raw talent

Also See