News Digest: Fortis open offer, Rs 100-bn digital accelerate for NE, and more

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Investors want higher price in open offer

Investors in Healthcare are said to be negotiating for a higher open offer price ahead of the firm’s special general meeting (EGM) on Monday.

On July 13, Malaysia’s IHH Healthcare Berhad outbid the Manipal-TPG combine to win the race to acquire Healthcare (FHL). According to IHH’s binding offer, it will invest Rs40 billion in the cash-strapped hospital chain via preferential allotment at Rs170 a share.

Many feel that the stock has the potential to see an upside and can touch Rs240-250 levels within a year of the IHH deal going through. So they want to wait and not tender their shares in the open offer. The stock closed at Rs142 on the BSE on Friday.

owner looks to exit jeans business

VF Corp, owner of Lee and jeans, is exploring strategic options for its denim business that could include a sale or spin out of kilter of the classic American brands, according to people familiar with the situation.

The apparel conglomerate has owned and Lee for decades and they were once its core, but the firm’s jeans sales have slowed in recent years as more women select yoga pants or premium denim brands like J Brand or Frame.

Innovate or stagnate: PM at IIT-Bombay

Prime Minister Narendra Modi on Saturday called Indian Institutes of Technology (IITs) instruments of transformation that had created a global brand for the country and helped innovation, required to prevent the stagnation of a society. He was addressing the 56th annual convocation of IIT-Bombay (IIT-B).

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Modi also called for a collective effort to improve the quality of higher education in the country.

to get Rs100-bn accelerate by 2022

Aiming to make the Northeastern states of the country digitally empowered, the government plans to invest close to Rs100 billion (Rs97.61 billion to be specific) by 2022 on 415 projects in the region. The investments will go towards telecom infrastructure, BPOs, electronics manufacturing, payments, start-ups and cyber security.

This is part of the NDA government’s vision document for ‘North East 2022’, which was unveiled at a mega event here on Saturday. The document refers to around 50 digital initiatives planned for each state in the region.

distributors challenge to a debate

A body of financial advisors and distributors on Saturday challenged Morningstar India’s Managing Director Aditya Agarwal to a debate in any public forum to bring out the “true picture” of expense ratios.

The Foundation of Independent Financial Advisors (Fifa) was reacting to Agarwal’s remarks on a social media platform, that “individual investors’ interests have always been our true north and we will be delighted when India truly becomes the third least expensive country”.

In the report 2017, India turned out to be the second most expensive country for equity mutual funds, of the 25 countries that were reviewed. Morningstar classified India in the “below average” category in the fees and expenses scorecard.

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