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Fortis Health to raise Rs1000 cr via rights issue

Fortis Health to raise Rs1000 cr via rights issue
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First Published: Wed, Dec 24 2008. 01 33 PM IST
Updated: Wed, Dec 24 2008. 01 33 PM IST
Mumbai: Hospital chain Fortis Healthcare Ltd said on Wednesday that its board had approved raising Rs1000 cr through a rights issue of shares with warrants.
The proceeds will be used to fund future investments, redemption of preference shares, repayment of short term debt, upgradation of existing facilities and for greenfield projects, including the upcoming Medi-City project in Gurgaon, the company said in a statement.
The share ratio and price would be decided at a later date, it added.
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First Published: Wed, Dec 24 2008. 01 33 PM IST
More Topics: Fortis | Funds | Hospital | Healthcare | India |