Radiant looking to submit its bid for Fortis on Thursday

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Radiant looking to submit its bid for Fortis on Thursday A week after Abhay Soi Managing Director of private equity firm KKR backed Radiant Hospitals told ET that the group will bid for the assets of Fortis Healthcare, ET has learnt that Radiant will now bid to infuse cash in Fortis by offering to buy few assets housed under Singapore based RHT Trust. The development comes after Fortis received new bids from Hong Kong based Fosun Group, Burman and Munjal trust and Malaysia based IHH. “We would not like to consider anything hostile to the intentions of the incumbent management or board. But we could explore (the assets) if a formal process is initiated”, Soi had told ET last week.

“Radiant will make an offer to infuse cash around Rs 500 crore in Fortis and buy few hospital assets”, said a source closely involved in the deal who did not wish to be quoted. Radiant is expected to submit its bid next week.

Radiant Hospitals which raised $200 million from private equity firm KKR last year has been looking for hospital assets with minimum 500 beds to acquire and expand its operations. Currently in possession with two hospitals in Delhi and Mumbai, Radiant says it wants to expand in metro cities.

The race for Fortis assets has become a thrilling suspense with everyday new frontrunners emerging to buy the assets of the trouble group. Fosun on Tuesday said it will make a primary infusion at a price upto Rs. 156/share, subject to due diligence to be completed within three weeks, upto a total investment of USD 350 million including a preliminary investment of upto INR 100 Cr. Munjal and Barman family trust said that they will invest Rs 1,250 crore in the company through the preferential allotment route.

Shares of Fortis closed at Rs 145 on BSE on Wednesday.

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