Fortis Financial Services today said its offer to the shareholders of Asian CERC Information Technology for acquiring 20 per cent stake in the company would open from September 14.
Securities and Exchange Board of India (SEBI) issued comments on the draft letter of offer on July 23, and therefore the dates with respect to open offer have undergone a change, Asian CERC said in a filing to the Bombay Stock Exchange.
As per the revised schedule, the offer would remain open from September 14 till October 4. While as per the original schedule the offer was supposed to remain open from October 12 to November 1, 2006.
Fortis Financial made an open offer for acquiring over 24.76 lakh equity shares of Rs 5 each representing 20 per cent of the paid-up equity share capital of Asian CERC at Rs 53.45 each, subject to the terms and conditions.
Showing posts with label Fortis. Show all posts
Showing posts with label Fortis. Show all posts
Monday, September 3, 2007
Friday, June 1, 2007
DLF to doctor you with Fortis
Ahead of its initial public offer, real estate giant DLF has entered into an agreement for floating a joint venture with Ranbaxy group company Fortis Healthcare to set up hospitals across the country with about Rs 6,200 crore of investments.
Fortis Healthcare Managing Director Shivinder Singh said that Fortis will have a majority holding with 74 per cent stake and the rest will be with DLF in the proposed joint venture.
Industry sources said an agreement for the proposed JV has already been signed.
The JV plans to set up a chain of 200-450 bed hospitals in 31 cities in India within three to five years, the sources added.
The planned investment of Rs 6,200 crore would go toward meeting cost of land, construction and medical equipments, the sources said.
Read more in The Economic Times article.
Fortis Healthcare Managing Director Shivinder Singh said that Fortis will have a majority holding with 74 per cent stake and the rest will be with DLF in the proposed joint venture.
Industry sources said an agreement for the proposed JV has already been signed.
The JV plans to set up a chain of 200-450 bed hospitals in 31 cities in India within three to five years, the sources added.
The planned investment of Rs 6,200 crore would go toward meeting cost of land, construction and medical equipments, the sources said.
Read more in The Economic Times article.
Tuesday, May 29, 2007
RBS-led group bids $95.7 bn for ABN AMRO
A consortium led by Royal Bank of Scotland unveiled a 71.1 billion euro ($95.7 billion) bid for ABN AMRO that included its disputed U.S. bank and a higher cash component than indicated.
The group of banks said on Tuesday their offer was worth 38.40 euros per ABN share -- 30.40 euros in cash plus 0.844 new shares in RBS.
The consortium of RBS, Fortis and Santanderhas so far been rebuffed by ABN management, which has agreed to an all-share takeover by Britain's Barclays currently valued at 63 billion euros.
The banks said a condition of their offer is that the deal include the purchase of ABN's U.S. arm, LaSalle Bank, which ABN agreed to sell to Bank of America for $21 billion at the same time that it agreed to be taken over by Barclays.
Read more in The Economic Times article.
The group of banks said on Tuesday their offer was worth 38.40 euros per ABN share -- 30.40 euros in cash plus 0.844 new shares in RBS.
The consortium of RBS, Fortis and Santanderhas so far been rebuffed by ABN management, which has agreed to an all-share takeover by Britain's Barclays currently valued at 63 billion euros.
The banks said a condition of their offer is that the deal include the purchase of ABN's U.S. arm, LaSalle Bank, which ABN agreed to sell to Bank of America for $21 billion at the same time that it agreed to be taken over by Barclays.
Read more in The Economic Times article.
Thursday, April 5, 2007
Fortis acquires Hiranandani Healthcare for Rs25.6 crore
Fortis Healthcare Ltd, a company controlled and managed by the Singh family, the promoters of Ranbaxy Laboratories Ltd, has acquired Hiranandani Healthcare Pvt. Ltd for Rs25.6 crore in an effort to expand its presence, hitherto largely restricted to the north and the western parts of India.With this acquisition, Hiranandani Healthcare’s work-in-progress 152-bed facility in Navi Mumbai comes under the Fortis fold.
The health-care company now plans a facility in the south, which will give it a pan-India presence. Its foray into the southern market is likely to happen by the end of the year, said Singh, who added that the company is considering either acquiring a southern health- care firm or signing a management contract (where it gets to manage a hospital owned by someone else) with one. Fortis has also started work on a new hospital in New Delhi, which will cost it an estimated Rs200 crore.
Read more in The Live Mint article.
The health-care company now plans a facility in the south, which will give it a pan-India presence. Its foray into the southern market is likely to happen by the end of the year, said Singh, who added that the company is considering either acquiring a southern health- care firm or signing a management contract (where it gets to manage a hospital owned by someone else) with one. Fortis has also started work on a new hospital in New Delhi, which will cost it an estimated Rs200 crore.
Read more in The Live Mint article.
Fortis plans to expand hospital network
Fortis Healthcare, promoted by the Singh family of Ranbaxy, plans to expand its network to 40 hospitals within three years by either acquiring new facilities or setting up greenfield projects. The investment in these projects, primarily in western and southern India, will be over Rs 1,000-Rs 1,500 crore. Fortis, at present, runs 12 corporate hospitals in north India.
A source close to the development said, in another one or two years, Fortis would set up a network of five to six hospitals in Mumbai. This would be either through a takeover of existing facilities or through strategic alliances with reputed trust-run hospitals. Fortis is also evaluating the option of starting green field projects in Mumbai.
Further, the company is in advanced negotiations with the Mumbai-based real estate major Hiranandanis to manage their proposed hospital projects. A memorandum of understanding is being worked out by the partners.
Confirming this, a Hiranandani spokesperson said they are planning five to 10 hospitals within the next five years, though yet to finalise the locations. Fortis has already set its foot in Mumbai recently by acquiring the Hiranadani hospital project at Vashi in Navi Mumbai for over Rs 25 crore.
Read more in The Business Standard article.
A source close to the development said, in another one or two years, Fortis would set up a network of five to six hospitals in Mumbai. This would be either through a takeover of existing facilities or through strategic alliances with reputed trust-run hospitals. Fortis is also evaluating the option of starting green field projects in Mumbai.
Further, the company is in advanced negotiations with the Mumbai-based real estate major Hiranandanis to manage their proposed hospital projects. A memorandum of understanding is being worked out by the partners.
Confirming this, a Hiranandani spokesperson said they are planning five to 10 hospitals within the next five years, though yet to finalise the locations. Fortis has already set its foot in Mumbai recently by acquiring the Hiranadani hospital project at Vashi in Navi Mumbai for over Rs 25 crore.
Read more in The Business Standard article.
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