Fortis health to raise Rs 380 crore

Hospital major Fortis Healthcare Ltd is set to raise Rs 380 crore through a preferential allotment of shares to GIC Special Investments Pte Ltd. The funds will be utilised to finance the recent and future acquisition by the company or its subsidiaries, a statement said on Monday.

Updated on: May 10, 2010, 22:01:39 IST

Hindustan Times | By HT Correspondent, New Delhi

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Hospital major Fortis Healthcare Ltd is set to raise Rs 380 crore through a preferential allotment of shares to GIC Special Investments Pte Ltd. The funds will be utilised to finance the recent and future acquisition by the company or its subsidiaries, a statement said on Monday.

GIC is a global investment management company established to manage Singapore’s foreign reserves.

The company will issue 22.35 million shares at Rs 170 each, it added. An extra-ordinary general meeting (EGM) is slated to be held on June 9 for shareholders’ approval. The entire process of allotment of shares is expected to be completed by June 24. Religare Capital Markets Ltd —the global investment banking arm of Religare Enterprises Limited— was the sole advisor and arranger to Fortis for the said issue. Currently, Fortis has an over 12,000 bed capacity across 68 hospitals in seven countries. It had recently acquired a strategic stake in Parkway Holdings Limited of Singapore.

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