India’s leading hospital chain Fortis Healthcare will raise Rs 380 crore through issue of 22.35 million equity shares on a preferential basis to Singapore-based private equity firm GIC Special Investments Pte Ltd (GIC SI).
The company also received the board approval to float foreign currency convertible bonds (FCCBs) of up to $100 million (Rs 450 crore) to finance its recent acquisitions, Fortis informed the Bombay Stock Exchange today. The bonds will be convertible at Rs 167 per share and bear a yield to maturity of 5.537 per cent per year.
Fortis had acquired a controlling stake in Singapore’s Parkway Holdings for $685.3 million (about Rs 3200 crore) in March this year.
The largest overseas deal in healthcare space was completed through short-term debt and the company was expected to raise funds through fresh issue of equity and conversion of outstanding warrants worth Rs 1,700 crore soon. The preferential issue price of Rs 170 per share represents a 1.4 per cent premium over the closing price of the stock of Rs 167.70 on the National Stock Exchange today.
