Manipal and Fortis to raise funds to bid for Sahyadri Hospitals
Indian companies Manipal Health Enterprises and Fortis Healthcare are in discussions with international financial institutions to secure financing to support their acquisition efforts, as the bidding deadline of 22 June for the multispeciality hospital chain Sahyadri Hospitals approaches.
The lenders include DBS Group Holdings, Mizuho Bank, Deutsche Bank, HSBC Holdings, and Barclays, people with knowledge of the matter said.
The financing, which aims to back respective bids of the two companies, ranges from Rs30bn to Rs50bn ($347.61m to $579.35m).
Aster DM Healthcare, another contender in the bidding process, has not yet finalised its financing plans, according to sources.
The sale of Sahyadri Hospitals is being orchestrated by Ontario Teachers' Pension Plan (OTPP), which holds a 98.9% stake in the hospital chain.
OTPP, with more than $3bn in investments, appointed Jefferies to manage the sale earlier this year.
The Canadian pension fund had acquired Sahyadri Hospitals at a valuation of Rs25bn from Everstone Capital, which had previously purchased the chain from its founder, Dr Charudutt Apte, in 2019 for Rs10bn.
Sahyadri Hospitals, founded in 1996 by neurosurgeon Dr Apte, operates 11 hospitals with 1,300 operational beds across Pune, Nashik, and Karad in the state of Maharashtra.
The healthcare provider is part of several government health schemes, including Ayushman Bharat and the Central Government Health Scheme (CGHS).
This acquisition comes at a time when India's hospital sector is undergoing consolidation.
In February, Fortis Healthcare signed definitive agreements to acquire Shrimann Superspecialty Hospital in Jalandhar, Punjab, India.
The acquisition, from partnership company inter alia Shriman Enterprises through a slump sale, is part of Fortis' strategy to expand its network in the region.
"Manipal and Fortis to raise funds to bid for Sahyadri Hospitals" was originally created and published by Hospital Management, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
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The Units may also be sold in offshore jurisdictions and in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933 (the "U.S. Securities Act"), as amended. The closing of the Offering is expected to occur on or around June 25, 2025 and is subject to receipt of all necessary regulatory approvals including the Toronto Stock Exchange (the "TSX"). Finder's fees will be payable in accordance with the policies of the TSX. There is an offering document related to the LIFE Units being sold pursuant to the Offering that can be accessed under the Company's profile at and on the Company's website at Prospective Canadian investors purchasing under the Listed Issuer Financing Exemption should read this offering document before making an investment decision. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. About Global Atomic Global Atomic Corporation ( is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production. The Company's Uranium Division is currently developing the fully permitted, large, high grade Dasa Deposit, discovered in 2010 by Global Atomic geologists through grassroots field exploration. The "First Blast Ceremony" occurred on November 5, 2022, and commissioning of the processing plant is scheduled for H2 2026. 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Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Global Atomics' development potential and timetable of its operations, development and exploration assets; Global Atomics' ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; cost of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "is expected", "estimates", variations of such words and phrases or statements that certain actions, events or results "could", "would", "might", "will be taken", "will begin", "will include", "are expected", "occur" or "be achieved". All information contained in this news release, other than statements of current or historical fact, is forward-looking information. Statements of forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time. Forward-looking statements are based on the opinions and estimates of management at the date such statements are made. Although management of Global Atomic has attempted to identify important factors that could cause actual results to be materially different from those forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance upon forward-looking statements. Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities law. Readers should also review the risks and uncertainties sections of Global Atomics' annual and interim MD&As. The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release. SOURCE Global Atomic Corporation View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
