Published on Sat, Mar 13, 2010 at 07:02 | Source : Reuters
Updated at Sat, Mar 13, 2010 at 07:12
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Recent rights issue to fund Fortis' Parkway buy
Hospital chain Fortis Healthcare will use a short-term loan and money raised through a recent rights issue to fund its acquisition of a stake in Singapore's Parkway Holdings, a top official said.
Hospital chain Fortis Healthcare will use a short-term loan and money raised through a recent rights issue to fund its acquisition of a stake in Singapore's Parkway Holdings, a top official said.
Fortis said on Thursday it would buy 23.9% of Singapore's Parkway Holdings from U.S. buyout firm TPG Capital in a USD 685 million deal that will give the Indian hospital chain a foothold in Singapore and Malaysia and make it the biggest private hospital network in Asia.
Fortis Healthcare Managing Director Shivinder Mohan Singh told reporters on Friday the company plans to fund the deal through the Rs 2 billion cash remaining out of the rights issue made last year and fresh issue of equities and currency bonds.
"In the interim course, we will do a bridge financing through debt," Singh said, adding that the company had tied up the debt and would close the Parkway deal next week.
Singh said after the acquisition, Fortis' debt to equity ratio would not cross 1 and it currently stood at about 0.5.
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