May 10, 2018 / 5:56 PM / a year ago

India's Fortis Healthcare accepts investment offer from Hero, Burman

May 10 (Reuters) - India’s Fortis Healthcare Ltd said on Thursday its board has accepted an offer from Hero Enterprise Investment Office and the Burman Family Office to invest in the cash-strapped hospital chain.

The group offered to invest 8 billion rupees ($119 million) in Fortis’ hospitals business at a price of 167 rupees per share.

The recommendation by Fortis’ board would be sent to shareholders for approval, Fortis said.

Hero Enterprise is an investment company formed by Sunil Munjal, founder of India’s largest motorcycle maker Hero Group.

The Burman Family Office is the private investment arm of the family that owns consumer goods company Dabur India.

$1 = 67.2400 Indian rupees Reporting by Rama Venkat Raman in Bengaluru; Editing by Sai Sachin Ravikumar

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