Fortis Healthcare rose 2.61% to Rs 98.20 at 9:17 IST on BSE after the company announced the successful completion of the preferential allotment of 37.37 lakh equity shares to Standard Chartered Private Equity Mauritius III.
The announcement was made after market on Thursday, 5 September 2013.
Meanwhile, the S&P BSE Sensex was up 50.92 points or 0.27% at 19,030.68.
On BSE, 4,252 shares were traded in the counter as against average daily volume of 20,762 shares in the past two weeks.
The stock hit a high of Rs 98.75 and a low of Rs 97 so far during the day.
In the last phase of this current fund raising program, Fortis Healthcare on Thursday, 5 September 2013, completed the preferential allotment of 37.37 lakh equity shares at Rs 99.09 per share to Standard Chartered Private Equity Mauritius III (SCPE). SCPE/entities acting in concert with SCPE, had previously invested in the institutional placement program (IPP) of the company and have also recently intimated to the stock exchanges that they are the key investor in the public issue of FCCBs that the company listed on the Singapore Stock Exchange (SGX) in July 2013. With this the cumulative investment by SCPE in the company is estimated to be approximately Rs 250 crore, Fortis said in a statement.
Fortis has cumulatively raised Rs 1040 crore, this year, through equity and equity linked instruments, gaining from the confidence of globally recognised strategic and financial investors in its future plans, amidst tight liquidity conditions. The International Finance Corporation (IFC), a key strategic investor with a long term horizon and commitment to healthcare has so far invested approximately Rs 570 crore in the company through the institutional placement program (IPP) in May 2013, the preferential allotment of equity shares and subscription to the company's FCCB issuance-both made during June 2013, Fortis said in a statement.
Mr. Vishal Bali, Group CEO, Fortis Healthcare, said: "We are pleased to have on board long term strategic investors like IFC and SCPE who believe strongly in the long term growth potential of the company. The healthcare sector in India is poised for significant growth, and Fortis Healthcare is ready to capitalise on emergent opportunities by continuing to provide world-class healthcare to patients in India. The current series of fund raising measures have been successfully completed and make the company stronger, creating room for further debt reduction and expansion."
Fortis, during the year, has also brought in a sharper focus on geographies and verticals which present relatively stronger growth opportunities. Re-enforcing this position, it has also divested its businesses in Australia and Vietnam and continues to evaluate its current portfolio of international assets to ensure the right strategic fit, the company said.
Fortis said it continues to strengthen its balance sheet, with a net debt to equity at 0.7x as on 30 June, 2013 substantially lower as compared to a net debt to equity of 1.6x as on 30 September 2012. This is expected to show a further improvement with a target to reach a net debt to equity of no more than 0.5x in the near future, Fortis said in a statement.
Fortis Healthcare reported consolidated net loss of Rs 221.30 crore in Q1 June 2013, higher than net loss of Rs 60.42 crore in Q1 June 2012. Net sales rose 7.7% to Rs 1503.63 crore in Q1 June 2013 over Q1 June 2012.
Fortis Healthcare is an integrated healthcare delivery service provider in Asia. The healthcare verticals of the company span primary care, diagnostics, day care speciality and hospitals, with a healthcare network spanning 8 countries. Currently, the company operates its healthcare delivery services in India, Hong Kong, Singapore, Dubai, Mauritius and Sri Lanka with 65 healthcare facilities (including projects under development), over 10,000 potential beds, over 600 primary care centres, over 240 diagnostic centres and a team strength of more than 18,000 people.
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