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Business News/ Companies / News/  Fortis Healthcare raises funds from StanChart PE
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Fortis Healthcare raises funds from StanChart PE

The company raised `37.03 crore by selling 3.7 million shares

With this the cumulative investment by SCPE in the company is estimated to be `250 crore. Photo: Pradeep Gaur/Mint (Pradeep Gaur/Mint)Premium
With this the cumulative investment by SCPE in the company is estimated to be `250 crore. Photo: Pradeep Gaur/Mint
(Pradeep Gaur/Mint)

Mumbai: Fortis Healthcare Ltd on Friday said it had raised 37.03 crore by selling 3.7 million shares to Standard Chartered Private Equity Mauritius III Ltd (SCPE). The shares were sold at a price of 99.09 apiece.

With this the cumulative investment by SCPE in the company is estimated to be 250 crore.

The company, in a statement, said it had closed its current fund raising initiatives with this sale.

Another investor, the International Finance Corp. (IFC), has so far invested 570 crore in Fortis between May and June this year. Fortis has cumulatively raised 1,040 crore, this year, through equity and equity-linked instruments.

“The healthcare sector in India is poised for significant growth, and Fortis Healthcare is ready to capitalize on emergent opportunities by continuing to provide world-class healthcare to patients in India," said Vishal Bali, group chief executive officer of Fortis Healthcare. “The current series of fund raising measures have been successfully completed and make the company stronger, creating room for further debt reduction and expansion."

The company had a net debt-to-equity of 0.7x as on 30 June and a target to reach a net debt to equity of no more than 0.5x in the near future, the statement said.

Share of Fortis Healthcare were trading at 96.40, up 0.73%, at 1.00pm. The S&P BSE Healthcare index rose 1.41% to 9,050.38 points and the benchmark BSE Sensex was trading at 19,203.37 points, up 1.18%.

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Published: 06 Sep 2013, 01:43 PM IST
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