Sunil Kant Munjal of Hero Enterprise, Dr. Anand Burman, and Mohit Burman of Burman family (the promoter of Dabur India Ltd) have approached the Board of Fortis Healthcare proposing to invest Rs.1,250 crore directly in the company (i.e. Rs.500 crore binding offer immediately and Rs.750 crore post diligence to be completed within three weeks). The said proposal is under evaluation by Fortis.

In an offer letter to the Board of Fortis Healthcare, both Sunil Kant Munjal and the Burman family, who are already existing shareholders in Fortis Healthcare, have proposed to infuse funds which, according to Munjal, “will go beyond addressing the urgent liquidity needs of the company and help the operations stabilise with immediate effect.”

This is a joint bid by Hero Enterprise promoted by Sunil Munjal and the Burman family, both of whom have a long-standing presence and interest in the healthcare sector. Mungal Group is holding approximately 3 per cent of the shares. Currently, Fortis Healthcare scrip is moving around Rs.155 on BSE with market capitalisation of Rs.8,000 crore.

“Our offer is in the best interest of Fortis Healthcare. In fact, all those connected with the company’s ecosystem, its shareholders, patients, their attendants, the community and public at large, in addition to the lenders, suppliers, doctors, medical and non-medical staff will benefit from it. We are investing in the company and our aim is to create value for all stakeholders,” said Munjal in the letter.

“Our offer does not envisage any changes in the current structure, operations and assets of the company and is simple and is almost immediately implementable,” Dr. Burman said.

Since this is in the interest of all concerned, he expressed the hope that the Board would consider this “very simple” offer and put it before shareholders to take a final decision. “We believe that our offer deserves serious and urgent consideration,” Burman said.