Fortis Healthcare redeems USD 100 mn FCCBs

Fortis Healthcare today said it has redeemed the outstanding USD 100 million foreign currency convertible bonds (FCCBs) listed on the Luxembourg stock exchange, on the due date.
Fortis had originally raised the FCCBs in the year 2010.
The total payout for the outstanding bonds was USD 105.67 million including the redemption premium of around USD 3.17 million and interest payment of USD 2.5 million for the preceding 6 month period ending May 21, 2015, Fortis Healthcare Ltd said in a statement.
The redemption was made from the existing cash proceeds of the company, it added.
Post the redemption of the FCCBs, the company's net debt to equity ratio is estimated to be less than 0.15x as against 0.27x as on December 31, 2014.

Commenting on the development, Fortis Healthcare, Chief Financial Officer, Gagandeep Singh Bedi said: "The FCCB redemption further strengthens our balance sheet giving us greater flexibility to pursue our agreed strategy."
Fortis shares today ended at Rs 169.95 a piece on the BSE, up 3.98 per cent from previous close.