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| Fortis to raise Rs 1,250 cr to meet funding requirement |
| Press Trust of India / Mumbai Feb 10, 2010, 20:39 IST |
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Hospital chain Fortis Healthcare today said it will raise Rs 1,250 crore by issuing shares in domestic and international markets.
The board of directors of the company have approved to raise Rs 1,250 crore by issuing shares or debentures to meet its funding requirements for addressing various growth opportunities, from time to time, Fortis Healthcare said in a filing to the Bombay Stock Exchange.
The company would raise amount from domestic and international markets by global depository receipts, American depository receipts, and foreign currency convertible bonds, the filing added.
The proposal is subjected to shareholders approval.
Earlier, the company had said it would float a subsidiary 'Fortis Hospitals' that would look after the operations of 10 Wockhardt hospitals it had acquired last year. It had also said that the proposed subsidiary would aggressively scout for acquisitions within and outside the country.
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