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The invited bidders, should submit their interest by 31 May.
The consortium had offered to invest $266.9 million in the company.
All five bids on the table value Fortis within a tight, relatively modest range of $1.2-$1.4 billion.
The two firms said they were ready to pay 5 billion rupees in cash before any due diligence, and invest the remaining 7.5 billion rupees after the completion of due diligence within a period of three weeks.
Housing and Urban Development Corp Ltd (HUDCO) on Thursday set the price range for its initial public offering (IPO), the first by a state-run company in five years, to raise up to Rs1,220 crore ($191 million). The Indian government, which fully owns the housing and urban infrastructure projects lender, plans… Read more »
The government is considering legislation to empower the Reserve Bank of India (RBI) in effective handling of stressed assets, in tandem with its broader plan to resolve banks’ bad loans, the Economic Times reported on Tuesday, citing sources. The government could issue an ordinance enabling the central bank to direct… Read more »