Radiant Lifecare, the emerging Mumbai-based hospital chain that is backed by buyout firm KKR, has submitted its bid for Fortis Healthcare, the cash-strapped hospital network that is in the middle of a fiercely contested bidding war.
Radiant has made a offer for Rs 165 per share, which comes to Rs 6,500 crore for Fortis healthcare.
Seperately, the company said will offer Rs 3,600 for SRL. SRL will be spun off and Fortis shareholders will get its shares.
This takes the total deal value to Rs 10,000 crore. Radiant has offered to inject cash immediately in the company by buying the FMRI and Shalimar Bagh hospitals that are outside the RHT trusts.
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.