Business

Fortis extends deadline for submission of binding bids to July 3

Updated : June 29, 2018 08:14 AM IST

The earlier deadline for submitting fresh binding bids was June 28.

Last week, Fortis announced its financial results for the March-quarter following three earlier deferments.

Fortis extends deadline for submission of binding bids to July 3

Cash-strapped Fortis Healthcare, which is in the process of finding a buyer, has extended the deadline for submission of binding bids to July 3.

“The date for submission of the binding bids… stands revised to Tuesday, the July 3,” the company said in an exchange filing.

The earlier deadline for submitting fresh binding bids was June 28.

Last week, Fortis announced its financial results for the March-quarter following three earlier deferments.

The company reported a net loss of Rs 932 crore for the three months ended March 31 compared to a loss of Rs 68 crore in the corresponding quarter last year.

Earlier this month, Fortis Healthcare had shortlisted four entities to bid for the sale of its business.

As per the criteria set by the company, the buyers have to make a minimum investment of Rs 1,500 crore into Fortis Healthcare by way of preferential allotment apart from having a plan for funding the acquisition of RHT Health Trust (RHT) and a plan for providing exit to private equity investors of diagnostic arm SRL.

Among others, the bids should be unconditional as well as mention the source of funds for the transaction and elaborate on the plans for retention of current management and employees.

With input from PTI.

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