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Fortis Healthcare on Wednesday said it plans to raise up to $43.5 million (over Rs 255 crore) through various instruments, including issue of Foreign Currency Convertible Bonds (FCCBs) in Singapore.
“...the issue committee duly constituted by the board of directors of the company has approved the issue of FCCBs up to $30 million, to be listed on Singapore Exchange Securities Trading Ltd, and has decided to launch the issue,” Fortis Healthcare Ltd said in a BSE filing.
The conversion price in respect of the issue of FCCBs, is Rs 99.09 per equity share and the relevant date for this purpose is July 23, 2013, it added.
But the firm did not disclose whether it had already identified the investors for the FCCBs. Earlier, it had struck a parallel deal with IFC to raise $100 million through a mix of preferential allotment and FCCBs.
StanChart PE
The company said that its board has given its approval for raising $13.5 million (Rs 80 crore) by issue of 88.55 lakh shares to Standard Chartered Pvt Equity (Mauritius) III Ltd on a preferential basis.
“The preferential allotment of equity shares is subject to execution of necessary agreements and receipt of approvals and consents as may be required,” it added. This will take StanChart PE’s holding in the healthcare firm to around 2.7 per cent and its total exposure to around $20 million.
The healthcare major said an extra-ordinary general meeting of the shareholders of the company will be held on August 22, for approving the above preferential allotment of shares to Standard Chartered Pvt Equity (Mauritius) III Ltd. Fortis’ shares were down 1.06 per cent at Rs 98.40 at close on Wednesday
Fresh funds
This takes the total fresh fundraising to around $170 million over the last three months. Coupled with the asset sale in which it sold off two of its businesses in Australia and Vietnam for around $366 million in total, it has garnered over $530 million since the beginning of the year.
Part of this money will be used to reduce the company’s debt which stood at Rs 5,163.7 crore as of March 31, 2013.
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