Recent rights issue to fund Fortis' Parkway buy

RELATED NEWS Fortis to consider continents beyond Asia with Parkway deal

Last month, the company's board had approved a proposal to raise Rs 12.5 billion (USD 275 million) through preference shares, overseas shares or foreign currency bonds last month.

Fortis also has warrants outstanding of 90 million shares, which at current market price were valued at about Rs 17 billion, Singh said.

He said these warrants were issued with the rights issue and can be converted into shares until April 2011, but the firm could call them back after April this year.

Fortis will be the largest shareholder in Parkway, with a stake slightly higher than the 23.32% held by Malaysian state fund Khazanah Nasional Bhd, according to Parkway's website.

Fortis' purchase follows its USD 187 million acquisition in August of 10 hospitals from unlisted Wockhardt Hospitals.

Shares in Fortis closed 1.63% up at Rs 181.25 in a flat Mumbai market.

($1=45.5 rupees)