Fortis Healthcare gains on issue of FCCBs to IFC

Shares of Fortis Healthcare were up over 1% after the company announced that it has raised $55 million through issue of foreign currency convertible bonds to International Finance Corporation.

The company has issued 550 FCCBs of $100,000 each to International Finance Corporation aggregating to $55 million, Fortis Healthcare said in a release to the BSE on Saturday.

"The funds will be deployed for expansion of hospital beds over the next three to five years, reduction of debt and further strengthening of the balance sheet, the release said quoting Fortis Healthcare Group CEO Vishal Bali.

Over 250,000 shares were traded on the stock exchanges so far.