Fortis in spending plan for revamp

Hospital chain Fortis Healthcare on Wednesday said it will spend around Rs 660 crore on retiring debts, setting up a hospital in Gurgaon and on redemption of preference shares.

Hospital chain Fortis Healthcare on Wednesday said it will spend around Rs 660 crore on retiring debts, setting up a hospital in Gurgaon and on redemption of preference shares.

HT Image

The company recently announced that it will raise Rs 1,000 crore through issue of shares to its shareholders on a rights basis. It will issue shares in the ratio of 2:5, that is, shareholders of the company would get two equity shares for every five stocks held, at a price of Rs 110 per issue.