Fortis Healthcare, Asia’s leading private healthcare provider, has decided to issue 22.35 million equity shares of face value of Rs 10 each at a premium of Rs 160 per share on a preferential basis to GIC Special Investments Pte Ltd (GIC SI) through its affiliated investment vehicle. The total amount worked out to Rs 380 crore will be utilized to finance the recent and future acquisition by the company.
The issue price of Rs 170 per share represents a 1.4 per cent premium over the closing price of the stock of Rs 167.70 on NSE yesterday.. Post the issue, GIC SI’s affiliated investment vehicle will hold approximately 6.58 per cent of the equity in the company on an expanded base. The preferential allotment is in accordance with Chapter VI of the SEBI’s ICDR (Issue of Capital and Disclosure Requirements) Regulations 2009 and is subject to the shareholder approval at the Extra-ordinary General Meeting (EGM) to be convened on June 9, 2010. The entire process of allotment of shares is expected to be completed by June 24, 2010.
Religare Capital Markets Ltd, a part of Religare Enterprises, was the sole advisor and arranger to Fortis for the said issue.
GCI SI is the privat e equity and infrastructure investment arm of the Government of Singapore Insvestment Corporation. GIC SI's investment covers a wide spectrum which includes leveraged buyouts, venture capital, growth capital, mezzanine financing, distressed situations, infrastructure and other special situation investments.