Caught in a takeover battle for Singapore-based hospital chain Parkway, Fortis Healthcare on Wednesday said it would raise up to Rs.2,750 crore through the securities market.
The Fortis board also endorsed a proposal to increase the company's borrowing limit to Rs.6,000 crore.
“All options to deal with potential investment opportunities have been kept open and are being evaluated in the best interest of all shareholders,” Fortis said in a statement. Fortis, which has a stake of around 25 per cent in Parkway Holdings — a Singapore-based hospital chain — is now facing a challenge from Malaysian sovereign wealth fund Khazanah in its effort to build up a controlling stake in the company.
Meanwhile, Fortis Healthcare said its shareholders had approved selling 6.58 per cent stake in the company to Singapore-based private equity firm GIC for Rs. 380 crore. The stake sale has been carried through preferential allotment of 2.23 crore equity shares. The entire process of allotment of shares is expected to be completed by June 24.