Fortis Healthcare to raise USD 250 million from stake sale
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Fortis Healthcare Making Discussions To Sell 15-20% Stake To Private Equity Firms: Re
Fortis Healthcare India Ltd is making discussions with private equity companies Carlyle Group and TPG Capital India with the aim to sell a 15-20% equity holding.
The hospitals chain proposes to lift up approximately $250 million via a mixture of equity and convertible debt instruments from the private equity companies, the report stated, adding a contract could take place by the next two weeks.
"Fortis Healthcare is in the process of raising around $250 million through a combination of equity and convertible debt instruments from private equity firms," the source said.
A representative for Fortis said the report was "unjustified", whilst a Carlyle representative stated that he had no comment.
Functionaries at TPG Capital could not be immediately reached.
The originators of the Fortis Healthcare, billionaire Singh brothers Malvinder and Shivinder, also proposes to sell 6.5% of their equity stake via a stock auction.
Company’s Chief Executive Aditya Vij stated that the hospitals chain is eyeing to plan to append 600 beds to its capacitance of 4,100 beds.
Fortis founders possessed 81.48% of the firm as at Dec. 31, 2011.
They have to slash their equity holding to follow Indian regulations, which state that the public should hold around 25% of any listed firm.
Fortis Healthcare to raise USD 250 million from stake sale
Fortis Healthcare in stake-sale talks with PE firms: Report
