The company also shared a letter sent to the board by the Malaysian healthcare major, which offered up to Rs 160 per share of Fortis.
Spelling out the details of their offer, the Munjals and Burmans in a joint letter said, "We are investing an amount of Rs 500 crore based on current business and financial position of the company without doing any due diligence".
Meanwhile a statement from the Fortis Healthcare said that the proposal is under evaluation by the company.
According to their offer, the allotment and pricing would be in accordance with SEBI guidelines for preferential shares or ₹ 156 per share, whichever is higher. Manipal said its revised plan offered Fortis shareholders 155 rupees per share in value, up from 140 rupees earlier.
As per this latest proposal, out of Rs 1, 250 crore, Rs 5,00 crore will be invested immediately and Rs 750 crore will be post due diligence.
Fortis shares gained 4.17 per cent to end at Rs 153.80 on the BSE on Thursday. IHH declined to comment today and Fortis did not respond to a request for comment.
They are entering the fray as founders Malvinder Singh and Shivinder Singh were unable to repay loans and lost Fortis shares put up as collateral. If Fortis board rejects the approach, IHH will consider taking its offer directly to the company's shareholders, according to the people. Ranjan Pai, chairman, Manipal Education and Medical Group, in an interview to VCCircle had said that given the complexity of the deal structure, the relative valuation has not been properly understood.
In this regard, the company has confirmed that on 11/04/2018 the Board of Directors of the Company have received an unsolicited non-binding expression of interest from IHH Healthcare Berhad for possible due diligence and participation with the Company.
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