Fortis to list 2 entities worth $1.5 bn in S'Pore | business | Hindustan Times
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Fortis to list 2 entities worth $1.5 bn in S'Pore

business Updated: Apr 29, 2011 20:43 IST

Reuters
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Fortis Group, controlled by billionaire brothers Malvinder and Shivinder Singh, plans to list two of its health care entities in Singapore in public offers worth up to $1.5 billion.

New Delhi-based hospital chain Fortis Healthcare plans to spin off its assets into a business trust that will list on the Singapore exchange in a $500-million initial public offering.

The company also received board approval earlier this month to acquire an 86% stake in Super Religare Laboratories, a diagnostic services firm, and is targeting to open at least 25 hospitals over the next two years.

Citigroup, Nomura, RBS, Religare Capital Markets and Standard Chartered have been mandated for the listing.

Fortis Global Healthcare also plans a share offering worth up to $1 billion.

The company's assets include Quality Healthcare in Hong Kong, a stake in Dental Corporation in Australia and a 28.6% stake in Lanka Hospitals Corp Plc in Sri Lanka.