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Fortis to use cash and debt to fund Singapore co buy

Fortis to use cash and debt to fund Singapore co buy
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First Published: Wed, Nov 16 2011. 05 57 PM IST

Updated: Wed, Nov 16 2011. 05 57 PM IST
New Delhi: India’s hospital chain Fortis Healthcare (India), majority-owned by billionire Singh brothers, will use a mix of fresh debt and free cash to fund the acquisition of its Singapore-based group firm, a company’s presentation showed on Wednesday.
Fortis India will raise a fresh loan of $175 million and use $100 million of cash, available from the earlier issue of foreign currency convertible bonds, to purchase Fortis Healthcare International, owned fully by Malvinder and Shivinder Singh.
Fortis India will also assume the liability of $390 million of Fortis International’s debt as part of the $665 million-deal.
In September, Fortis had said it would acquire Fortis Healthcare International to bring under one roof all the group’s healthcare businesses.
Fortis India plans to raise $175 million by the end of December to fund the deal its chief executive had said on Monday.
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First Published: Wed, Nov 16 2011. 05 57 PM IST