Fortis Healthcare sponsored Religare Health Trust has raised Singapore $510.7 million (approximately US$ 418 million) through its listing on the Singapore Exchange. This is the first Initial Public Offering by an Indian company in Singapore, said a press release issued by the Fortis Healthcare, on the Bombay Stock Exchange.
Following the listing Fortis will, through its wholly owned subsidiary, continue to hold 28% stake in RHT.
Malvinder Singh, Executive Chairman, Fortis Healthcare Limited, said, "By pursuing this model we are focusing on our core strength of delivering superior healthcare services with an emphasis on specialisation and widening the access to quality medical care."
In the last 10 years Fortis Healthcare has expanded its presence to 10 countries. It has a pan India presence with 66 healthcare delivery facilities and has been growing its operations in India in the two key verticals of hospitals and diagnostics.