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Fortis Healthcare management defers date for submission of bids to July 3

Four bidders are expected to submit their bids - Sunil Munjal-Anand Burman combine, Manipal Group-TPG consortium, IHH Healthcare and Radiant Life Care

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The modified new offer shall remain valid and binding in its entirety until June 6

Last Updated : Jun 29 2018 | 9:00 AM IST

Delhi-headquartered hospital major Fortis Healthcare has postponed the date for submission of bids to July 3.

The healthcare major, which is looking for an investor, had earlier set a deadline of June 28 to submit the binding bids as its Q4 financials were expected to come in on June 25. The results, however, were declared in the early hours of June 27 after much deliberations over the Luthra and Luthra investigation report.

The Fortis management, hence, decided to defer the date for submission of bids to allow the prospective bidders more time to analyse the financial results. The fourth-quarter financial results took a hit, thanks to a provisioning of around Rs 5.8 billion, whose recovery is doubtful.

Four bidders are expected to submit their bids — Sunil Munjal-Anand Burman combine, Manipal Group-TPG consortium, IHH Healthcare, and Radiant Life Care.