Fortis raises Rs 36.7 cr in share allotment to Stan Chart PE

This year Fortis has cumulatively raised Rs 1,040 cr through equity and equity-linked instruments

Fortis Healthcare today said it raised Rs 36.7 crore through a preferential allotment of 3.7 million shares to Standard Chartered Private Equity Mauritius III Ltd (SCPE).

In the last phase of its current fund-raising programme, the company completed the allotment of 3.7 million equity shares at Rs 99.09 each to SCPE, Fortis Healthcare said in a statement. With this, Fortis has cumulatively raised Rs 1,040 crore this year through equity and equity-linked instruments, it said.

"SCPE/entities acting in concert with SCPE, had previously invested in the IPP (institutional placement programme) 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 in July 2013," it added.

The cumulative investment by SCPE in the company is estimated at about Rs 250 crore.

"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 Healthcare Group CEO Vishal Bali said.

The International Finance Corporation has so far invested almost Rs 570 crore in the company through the IPP in May, a preferential allotment of equity shares and subscription to the FCCB issue in June, the company said.