Fortis Healthcare raises Rs 56 crore from 2 UK firms

Fortis Healthcare (FHL) has signed definitive agreements (the pre-IPO agreements) with UK-based Metdist group of Companies and Trinigy Capital for investment worth an aggregate amount of Rs 56 crore in the equity shares of FHL.

The first two pre-IPO agreements are for allotment of 10 lakh equity shares each to Raj Kumar Bagri, and Apurv Bagri both of Metdist group.

The third pre-IPO agreement is for allotment of 20 lakh shares to Trinity Capital. The equity shares issued pursuant to the pre-IPO agreements, shall be subject to lock-in after the completion of the IPO, as per the Sebi regulations.

Metdist group is a global metal trading firm based in London and has a presence in Malaysia, Thailand, China, the UAE and India. Trinity was formed in 2006 to invest in real estate and real estate-related entities in India.

Commenting on the development, Shivinder Mohan Singh, managing director, FHL ,said, "We had no good investors in hand when we announced the IPO. We are happy to know that a diverse range of investors are showing interest in the Indian healthcare sector and in Fortis."

According to the Draft Red Herring Prospectus filed with the Sebi, the company has left a provision of a maximum of 17,884,614 equity shares for a pre-IPO placement.

Last month, FHL had signed signed pre-IPO agreements worth $33.33 million (Rs 150 crore) for issue ofr 119.2 lakh equity shares with two US-based companies "� Quantum (M) Limited and Blue Ridge Limited Partnership. With the current agreement, almost all of them have been picked up by investors.

The company had filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India (SEBI) on September 29, 2006, to tap the capital market with its IPO of 56,666,633 equity shares, through the 100% book-building process to be listed on the Bombay Stock Exchange and the National Stock Exchange.