Fortis, RHT extend last date for acquisition of latter’s assets

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New Delhi | Published: August 25, 2018 3:30:23 AM

Fortis Healthcare (FHL) on Friday stated in an exchange notification that the long-stop date for the acquisition of the securities of clinical establishments and businesses held by RHT has been extended to December 31 from September 30.

fortis, fortis hospitalFortis is in the process of raising funds via primary infusion, which will enable it to acquire RHT assets

Fortis Healthcare (FHL) on Friday stated in an exchange notification that the long-stop date for the acquisition of the securities of clinical establishments and businesses held by RHT has been extended to December 31 from September 30.

Fortis is set to acquire all the securities of RHT’s entities in India holding clinical establishments and businesses via a purchase of securities for an enterprise value of approximately `4,650 crore, according to a February exchange notification. “This includes approximately Rs 1,152 crore of debt which will be repaid,” the company had stated earlier.

FHL is in the process of raising funds via primary infusion, which will enable it to acquire the RHT assets. The fund raise process is under way and awaiting regulatory approvals, Fortis said on Friday.

RHT is a registered business trust listed on the main board of the Singapore Exchange Securities Trading. Fortis is a controlling unit holder with an indirect interest of 27.82% in RHT.

Fortis also stated that due to the extension of the long-stop date, it would be compensating RHT for all the reasonable costs that may be incurred by RHT for obtaining any services from legal advisers, independent financial adviser, tax advisers, valuers and reporting accountants solely resulting from the extension.

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