Fortis Healthcare stake sale: Munjal-Burmans bat for level playing field; bids to be reviewed on 10 May

New Delhi: Hero Enterprise and the Burman Family Office have said that equal opportunity should be provided to all parties involved in the race to buyout Fortis Healthcare.

"We have just heard about the announcement made by Fortis and are a bit surprised as we had assumed that the final bids were submitted and the process now was only to review and choose the best offer," Sunil Kant Munjal said in a statement on Sunday, speaking on behalf of Mohit Burman and Anand Burman.

The entity strongly believes that there should be equal opportunity given to all bidders without any unfair advantage to any one party, it added.

Fortis Healthcare on Saturday said its board will meet on 10 May to take a decision on the binding bids for the company as recommended by the expert advisory committee (EAC). The committee will evaluate all binding bids received by the company from any party, except Manipal and TPG consortium, till 12 noon on 1 May.

"In line with the obligations towards Manipal and TPG consortium, Manipal and TPG consortium will have the ability to provide a revised financial proposal till 12 noon on May 06, 2018 in relation to all binding bids received by the company anytime till 12 noon on 1 May, 2018," Fortis Healthcare had earlier said in a regulatory filing.

Fortis Hospital. Pic courtesy: Fortis Hospital official website

The filing had further said: "In light of the above, EAC constituted by the Board of the company will evaluate all binding bids received from any party till 12 noon on May 01, 2018 and the revised binding financial proposals from the Manipal and TPG Consortium received till 12 noon on 6 May, 2018."

Munjal-Burmans said they still welcome the move by the Fortis and hoped that the FHL board will repose their confidence in their bid. "Our offer is already the best one and in the larger interest of Fortis Healthcare, and all those connected with the company's ecosystem its shareholders, patients, their attendants, doctors, the community and public at large, beside lenders, suppliers, medical and non-medical staff," Munjal said.

The entity is keen to invest directly in the company and believe this is the best way to create value for all stakeholders, he added.

KKR-backed Radiant Life Care, the Munjal and Burman family offices. Malaysian major IHH Healthcare and the Manipal/TPG consortium have all tabled offers for FHL.