Mumbai: India’s Fortis Healthcare , which seeks to expand its clinical operations and cut debt, plans to raise about Rs 2000 crore ($360 million) by listing its hospitals business in Singapore, its chief executive said.
The company’s board has given an in-principle approval for the listing proposal, Vishal Bali told reporters in a conference call on Tuesday. He did not give a timeline for the plan.
“We are looking at this listing to de-leverage the balance sheet,” he said.
Fortis, which has about 15 hospitals and clinics that are part of this business, has a consolidated net debt of Rs 5000 crore, Bali said. The company is looking to add about 2,500 hospital beds in 3-4 years, he added.
The listing - planned on Singapore Exchange Securities Trading Ltd - will happen through group unit Religare Health Trust, Fortis said in a statement.
Religare Health Trust has a mandate to invest in medical and healthcare assets and services in Asia, Australasia and emerging markets, it said.
Fortis, India’s No 2 hospitals chain after Apollo Hospitals Enterprise, said consolidated net profit jumped 41.34% to Rs 41540 crore in its fiscal fourth quarter ended March.
Valued $740.62 million, shares in Fortis Healthcare were up 2.47% at Rs 107.70 by 2.09 pm (0839 GMT) in a firm Mumbai market.