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Fortis Healthcare amends acquisition agreement with RHT Health Trust

Fortis said both the companies had decided to extend the long stop date to December

Aneesh Phadnis  |  Mumbai 

Fortis Healthcare
Fortis Healthcare

Ltd (FHL) on Friday said the acquisition of hospital assets held under the could be delayed.

The hospital chain informed the stock exchange on Friday that it had amended its agreement with to extend the long stop for acquisition from September 30 to December 31.

A long stop date refers to the date when conditions precedent to the transaction are met or else transaction can be terminated.

FHL and RHT had entered into definitive agreements in February to acquire an entire portfolio of RHT for an enterprise value of Rs 46.5 billion.

In a stock exchange filing, Fortis said both the had decided to extend the long stop date to December. This is because Fortis is in the process of raising funds through a share issue to Proceeds from the share sale will be used for the acquisition of

On July 13, the board had approved a Rs 40 billion offer from for 31 per cent stake in the hospital chain. Earlier this month Fortis shareholders approved the share sale transaction.

First Published: Sat, August 25 2018. 02:12 IST