Fortis get shareholders' nod for selling 6.5% stake to GIC

Hospital chain Fortis Healthcare today said its shareholders have approved selling 6.58 per cent stake in the company to Singapore-based private equity firm GIC for Rs 380 crore.

The stake sale has been carried through preferential allotment of 2.23 crore equity shares.

The company in a filing to the Bombay Stock Exchange said that its shareholders in an extra-ordinary general meeting held today approved the allotment of 2.23 crore equity shares of Rs 10 each at a premium of Rs 160 to Lathe Investment, an affiliated investment vehicle of GIC Special Investment.

Post allotment, the Singapore-based firm now holds 6.58 per cent of the equity in the company on an expanded base.

The entire process of allotment of shares is expected to be completed by June 24, 2010, Fortis has said.

The Delhi-based firm has earlier said that the Rs 380 crore infused through the proposed preferential issue will be utilised to finance the recent and future acquisition by the firm or by its arms.

Earlier in March this year, Fortis had acquired 23.9 per cent stake in the Singapore-based hospital chain Parkway Holdings. The company is now facing a challenge from soveriegn fund Khazana for controlling the Singapore-based healthcare major.