April 24, 2018 / 10:49 AM / 4 months ago

IHH Healthcare revises offer for India's Fortis

April 24 (Reuters) - Malaysia’s IHH Healthcare Bhd said on Tuesday it revised its offer to buy a stake in India’s Fortis Healthcare Ltd, making a binding proposal for about a fifth of its offer value.

The new offer includes an immediate infusion of 6.50 billion rupees ($98.00 million) and a non-binding proposal for a subsequent infusion of up to 33.50 billion rupees, IHH said bit.ly/2Hpal2Y.

Fortis has received as many as five offers for control of its private hospital business, including a binding bid from rival hospital operator Manipal Healthcare Enterprises Pvt Ltd and Manipal’s backer TPG Capital, and a binding investment offer from a consortium of two prominent Indian business families.

$1 = 66.3250 Indian rupees Reporting by Tanvi Mehta in Bengaluru; Editing by Biju Dwarakanath

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