Fortis shareholders approve hike in FII investment cap from 24% to 74%

Fortis Healthcare earlier got shareholders' nod to raise up to Rs 5,000 crore

Fortis Healthcare on Wednesday said its shareholders have approved increasing the shareholding limit for foreign institutional investors to up to 74 per cent from 24 per cent at present.

The company had sought approval from the shareholders through a special resolution to increase the FII limit through a postal ballot.

In a filing to BSE, Fortis Healthcare said the proposal was approved with 99.998 per cent of the votes polled.

The stakeholders of the company have given "approval for increase in the shareholding limit for registered foreign institutional investors (FIIs) from 24 per cent up to an aggregate limit of 74 per cent of the paid up equity share capital of the company", the filing said.

Fortis Healthcare has earlier got shareholders' nod to raise up to Rs 5,000 crore.

"The board of the company had approved the enabling fund raising options up to Rs 5,000 crore including but not limited to qualified institutional placement, foreign currency convertible bonds or any other method...," Fortis Healthcare had said in a earlier BSE filing.

Shares of Fortis Healthcare today closed at Rs 166.95 per scrip on BSE, up 1.15 per cent from its previous close.