Both Arpwood and SCB recommended IHH, according to people aware of the matter.Arpwood had an 1 hour opening slot for presenting its recommendation. The Malaysian firm’s proposed investment was found adequate to acquire the private equity stake in SRL, Fortis’ diagnostics arm. IHH’s investment was also expected to adequately capitalise Fortis to carry out its acquisition of assets from Religare Health Trust, according to the presentation.Compared to this, the Munjal-Burman offer had proposed a separate sale process to provide an exit for private equity investors in SRL. However, what went against it was the insistence on a seven-day due diligence. “IHH had in fact brought down the earlier request of three weeks.

Source: Economic Times May 14, 2018 01:41 UTC