Fortis to raise Rs 380 cr via share issue to PE firm

Fortis Healthcare today said it will raise up to Rs 380 crore by issuing shares on preferential basis to Singapore-based private equity firm GIC Special Investments.

"The company's board has approved issue of 22.35 million equity shares of face value Rs 10 each at a premium of Rs 160 per share on a preferential basis to GIC Special Investments through its affiliated investment vehicle," Fortis Healthcare said in a statement.

Post the issue, an affiliated investment vehicle of GIC SI -- Lathe Investment -- will hold about 6.58 per cent of the equity in the company on an expanded base.

The amount of 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, it said.

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

Shares of Fortis Healthcare today closed at Rs 167.25 on the BSE, up 1.27 per cent from its previous close.