Analysts feel Fortis Healthcare share holders are at a disadvantage and deal valuations had been short of expectations
Singh, who was instrumental in building required capabilities in the organisation said his role at Fortis did not allow him to spend time with his family, as the reason behind his resignation.
Fortis Healthcare has already received binding offers from four entities - KKR-backed Radiant Life Care, IHH Healthcare, Manipal/TPG consortium, and Munjal and Burman family offices.
UK based Trinity Capital (Eight) Limited has increased its stake in Ranbaxy group promoted Fortis Healthcare Limited (FHL) to four per cent from one per cent, through an additional investment of Rs 87 crore.
The company said this was 'important' to reinforce the 'complete disassociation' from its erstwhile promoters -- Malvinder and Shivinder Singh.
In a statement, Fortis said under the accepted offer, IHH would infuse Rs 4,000 crore through subscription to the preferential allotment at a price of Rs 170 per share. The Malaysian firm will then make a mandatory open offer to public shareholders for 26 per cent of the outstanding shares post issuance.
The previous board of Fortis Healthcare had links with Singh brothers and there was an investigation by law firm Luthra and Luthra into Rs 472 crore that was diverted into other companies.
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