Cash-strapped Fortis Healthcare, which is currently in the process to find a new investor, on Friday extended the date for submission of binding bids yet again by fixing July 3 as the new deadline.
Earlier on June 12, the company had extended the deadline for submission of binding bids to June 28 after shortlisting four entities — the Munjal-Burman combine, Manipal-TPG consortium, Malaysia’s IHH Healthcare Berhad and Radiant life Care. The date for submission of the binding bids stands revised to Tuesday, July 3, 2018, the company said in a regulatory filing.The rest of the details with respect to the timings and submission remain the same, it added.
In May, Fortis Healthcare had initiated a fresh time- bound bidding process. It had set June 14 as deadline for submitting fresh binding bids.
As per the criteria set by the company, the buyer 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.