Manipal-TPG revises offer for Fortis, raises value to Rs 83.58 billion

Manipal's Ranjan Pai says the offer brings in value worth Rs 90 bn

Further, Manipal proposed to buy the stakes held by private equity firms in SRL, the diagnostic arm of Fortis Healthcare, at Rs 36 billion. After the transaction, the SRL board will be restructured and Manipal-TPG wants to appoint a majority of directors on the reconstituted board.

After the merger, Fortis will undertake a rights issue to raise additional capital. The purchase of the Singapore-based RHT's assets will be funded through debt, apart from the proceeds from the preferential allotment. 

Manipal-TPG, however, has said their new offer does not require any further due diligence. The proposal is binding and valid