Moneycontrol
Jun 15, 2017 09:03 PM IST | Source: Moneycontrol.com

Fortis says evaluating all possible options for fund raising, yet to take a decision

“The company is still evaluating the best possible way to raise the fund and no firm decision in this regard has been approved by the Board till date,” the company said in a statement to stock exchanges

Fortis says evaluating all possible options for fund raising, yet to take a decision

Viswanath Pilla

Moneycontrol News

Hospital chain Fortis Healthcare on Thursday said the company is still evaluating on possible fund raising options and its board is yet to take any firm decision.

“The company is still evaluating the best possible way to raise the fund and no firm decision in this regard has been approved by the Board till date,” the company said in a statement to stock exchanges after CNBC-TV18 reported that Fortis Healthcare and IHH deal is now in advanced stage of negotiations and due diligence, quoting unnamed sources.

The CNBC-TV18 report said that IHH’s top global management is in India to meet the Fortis promoters and is likely to buy controlling majority stake in Fortis Healthcare.

"The board of the company had approved the enabling fund raising options up to Rs 5,000 crore including but not limited to qualified institutional placement, foreign currency convertible bonds or any other method," Fortis Healthcare said in its filing.

Fortis will use the funds to reduce the debt which to the tune of Rs.2,220 crore as on March 2017

IHH, Asia’s largest healthcare provider backed by Malaysian sovereign fund Khazanah operates hospitals in India through its subsidiary Parkway Pantai.

Shares of Fortis rose 5.7 percent to close at Rs 197.80 on BSE, even as the benchmark Sensex declined 0.3 percent.
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