Manipal-TPG combine raises bid for India's Fortis, outlines cash injection plan

Photo: Reuters

India’s privately-held Manipal Hospitals sweetened its bid for rival Fortis Healthcare Ltd on Sunday, offering to inject 21 billion rupees ($314 million) to help the ailing hospital operator meet its immediate cash needs.

Manipal and its consortium partner TPG Capital are offering 160 rupees per share for the acquisition, according to a letter from Manipal posted by Fortis on the stock exchange feed.

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