Fortis Healthcare gains on fund raising plans

Fortis advanced 1.5% to Rs 102. The stock touched an intra-day high of Rs 105 and a low of Rs 101. Around 275,716 shares were traded as against its two-week average traded quantity of 338,454 shares.
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(Updated 1050 hrs)

Fortis Healthcare has soared 3% on the back of the company's plan to raise money through a right's issue.

The stock opened at Rs 103, touched a low of Rs 102 and then advanced to a high of Rs 105. The scrip is now trading at Rs 104, up 3% from the previous close. The counter has clocked volumes of 122,240 shares on the BSE and the stock has moved up 31% in a month.

 

The company has announced that it will raise Rs 1,000 crore through a rights issue. The price of the share has been fixed at Rs 110 on the BSE.The funds collected would be used to set up a medicity, two greenfield hospitals and a small portion would be kept for inorganic growth.