Fortis promoter firm pledges 37.78% stake

Fortis promoter firm pledges 37.78% stake

New Delhi: Fortis Healthcare on Tuesday said its promoter firm Fortis Healthcare Holdings Ltd (FHHL) has pledged 37.78% stake in the company, at a time when it is looking to tie up funds for its $2.3 billion offer to acquire fully the Singapore-based Parkway Holdings.

In a filing to the Bombay Stock Exchange, Fortis Healthcare said its holding firm has pledged 3.3 crore shares on 9 July, taking the total number of pledged shares to 15.3 crore shares, which is 37.78% of the total outstanding shares of the company.

The company, however, did not specify how much fund was raised through the pledging of shares.

The latest pledging comes two days after FHHL had revoked 5.6 million shares.

Fortis is locked in a battle for controlling stake in Parkway against Malaysian fund Khazanah, which had launched a $835 million partial offer to raise its stake to 51.5%.

FHL is understood to have roped in a consortium of banks led by Axis Bank to finance its offer that will close on 12 August. The consortium, according to banking sources, would include about 10 to 12 banks as about Rs11,000 crore would be needed to fund the mega acquisition.

The company has 25.37% stake in Parkway, while Khazanah has 23.32%. The rest is held by independent investors. FHL had offered to buy shares at SGD 3.8 per unit against the SGD 3.78 per share offer made by Khazanah’s arm International Healthcare Holdings Ltd.

Shares of Fortis Healthcare were on Tuesday trading at Rs151.80 on late afternoon trade on BSE, down 0.26% from its previous close.