Fortis to raise funds for Parkway

Jun 10, 2010 |

New Delhi

Caught in the takeover battle for Singapore-based hospital chain Parkway, Fortis Healthcare on Wednesday said that it would raise up to Rs 2,750 crore through the securities market.

The Fortis board also endorsed a proposal to increase the company’s borrowing limit to Rs 6,000 crore, but did not give any explanation as to why the funds were being raised.
Announcing the decision taken at a meeting of the board of directors, the company said in a statement that it “approved the company’s plan to raise up to Rs 2,750 through issue of fresh securities.”
Fortis has around 25 per cent stake in Parkway Holdings, a Singapore-based hospital chain and intends to build up a controlling stake in the company. “The specific instrument, size and timing of the issue of securities will be decided by the Board based on the advice of merchant and investment bankers, book runners and lead manager,” the statement said.
The company’s tussle for Parkway began with the announcement of Khazanah launching a partial cash offer worth $835 million to increase its stake in the firm. — PTI

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